One of only three states with such a requirement, insurance producers licensed in the state must file an Illinois insurance producer bond. Per the Illinois Department of Insurance, "An insurance producer who places insurance either directly or indirectly with an insurer with which the insurance producer does not have an agency contract must file a bond in favor of the people of the State of Illinois executed by a surety company licensed in the state, and payable to any party injured under the terms of the bond. The surety bond must be continuous in form and in the penalty of $2500 or five percent (5%) of the total gross premiums brokered in the previous calendar year, whichever is greater. The surety bond need not exceed $50,000 total aggregate liability."
The Illinois insurance producer bond guarantees that the licensee will make a full accounting and due payment to the person or company entitled thereto of funds coming into his possession as an incident to insurance transactions, and shall comply with all the provisions of Section 500-30 of the Illinois Insurance Code.
Illinois surety bond leader, SuretyOne.com is a specialist in the bonding needs of the insurance sector. We offer both surety and fidelity bonds needed by producers, independent brokers, surplus lines brokers and claims professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. An Illinois insurance producer bond is quick, easy and issued within an hour.
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