Resident and nonresident surplus lines brokers alike, operating in Alabama, are required to secure a $50,000 surety bond to comply with state regulations. Previously, this requirement applied only to resident surplus lines brokers, but recent updates mandate the bond for all surplus lines brokers conducting business in the state.

This requirement, outlined in Section 27-10-24(c)(1) of the Alabama Code 1975, ensures compliance with state laws and provides financial protection for consumers against fraudulent or unethical practices.

Why Do You Need a Surplus Lines Brokers Surety Bond?

A Surplus Lines Brokers Surety Bond serves as a financial guarantee that brokers will adhere to Alabama’s surplus lines insurance regulations. If a broker violates state laws, affected parties can file claims against the bond to seek compensation.

Alabama Nonresident Surplus Lines Brokers License Requirements

To obtain and maintain your Alabama Nonresident Surplus Lines Broker License, you must:

• Hold an active surplus lines license in your home state.

• Be licensed as a producer for property and casualty insurance in Alabama.

• Submit an application through the National Insurance Producer Registry (NIPR).

• Pay the required fees associated with licensure.

• Obtain and maintain a $50,000 surety bond as mandated by state law.

Apply for your Alabama Nonresident Surplus Lines Brokers License today.

Alabama Nonresident Surplus Lines Brokers Surety Bond Requirements

Per Section 27-10-24(c)(1) of the Alabama Code 1975, resident and nonresident surplus lines brokers must secure a $50,000 surety bond to conduct business legally in the state. This bond:

• Must be issued by a surety company authorized to operate in Alabama.

• Guarantees compliance with Alabama surplus lines laws and regulations.

• Provides financial protection to the state and consumers against broker misconduct.

• Must be maintained as long as the license is active.

Read more about Alabama’s surplus lines insurance regulations.

Secure Your $50,000 Alabama Surplus Lines Brokers Surety Bond Now

Getting your required $50,000 Alabama Nonresident Surplus Lines Brokers Surety Bond is quick and easy. Partnering with a A1SuretyBonds.com ensures fast approval and competitive rates.

• Free, No obligation quotes available – No hidden fees.

• Fast and hassle-free online application process.

• Expert support to guide you every step of the way.

Apply for Your Alabama Nonresident Surplus Lines Brokers Surety Bond Today!

Ensure compliance with Alabama law and protect your business by securing your Surplus Lines Brokers Surety Bond now. Contact us today for a free quote!