South Carolina Third Party Administrator Surety Bond (SC TPA Bond)

Per the South Carolina Department of Insurance, Third-Party Administrators (TPAs) are regulated by Title 38, Chapter 51 of the South Carolina Code of Laws.The statute defines the regulations for the administrators of insurance benefits plans and the licensing requirements.

Pursuant to §38-51-30, Every TPA shall file and maintain with the Department a surety bond in favor of the state executed by a surety company authorized to transact surety business in South Carolina. Upon renewal, the TPA must submit a TPA surety bond or bond increase rider that ensures that the bond penalty is in an amount of no less than ten percent (10%) of the total premiums handled or managed in South Carolina for the previous calendar year. The amount of the South Carolina Third Party Administrator Bond for renewal applications must not be less than seventy-five thousand dollars ($75,000) and may not exceed five hundred thousand dollars ($500,000).

Application materials and the surety bond, as well any inquiries should be submitted to the SC DOI at:

South Carolina Department of Insurance
Attn.: TPA Licensing
1201 Main Street, Suite 1000
Columbia, SC 29201

South Carolina surety leader, Surety One, Inc. is a specialist in the bonding needs third party administrators, managing general agents as well as all insurance professionals. We offer both surety and fidelity bonds needed by these business classes in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Visit us at SuretyOne.com, call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here to discuss your South Carolina third party administrator surety bond application or any other surety bonding need. También nuestra asesoría está disponible en SU idioma.

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Obligee's Bond Form