Texas Licensing Reinsurance Intermediary Bond, also known as a Reinsurance Intermediary Surety Bond, is a type of surety bond required of agents and brokers in the insurance industry in the state of Texas. The bond serves as a guarantee that the intermediary will comply with all relevant statutes and regulations when conducting their business. The bond also serves to protect any clients who may be harmed financially by a breach of the reinsurance intermediary’s fiduciary duty. The Texas Department of Insurance requires intermediaries to post a bond in a specific amount, depending on the type of reinsurance contract or business the intermediary is engaging in. Generally, the bond must be in the amount of $50,000, although for certain types of reinsurance contracts or business, the amount may be higher. There are two types of Texas Licensing Reinsurance Intermediary Bond: 1. Fronting Reinsurance Intermediary Bond: A bond required of entities acting as a fronting reinsurance intermediary in the state of Texas. The bond amount must be in the amount of $50,000 and must be posted with the Texas Department of Insurance. 2. Captive Reinsurance Intermediary Bond: A bond required of entities acting as a captive reinsurance intermediary in the state of Texas. The bond amount must be in the amount of $100,000 and must be posted with the Texas Department of Insurance.
Texas Licensing Reinsurance Intermediary Bond
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