Bond for Connecticut Third Party Administrators

Category: Uncategorized
Published: Jul 19, 2011
HB 6307: Third Party Administrators

This will adopt a modified version of the NAIC model for the third-party administrators of insurance benefits. These people will have to be licensed, and those who are administrating governmental or church self insured plans will have to post a surety bond in the amount of $100,000 or 10% of the aggregate amount of self-funded coverage under governmental plans or church plans handled in Connecticut and all additional states which are authorized to conduct business. This bond will have to respond to claims that originated from the Connecticut Insurance Department and any other state insurance regulatory authority in the states licensed to conduct business.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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