The Nevada Division of Insurance (DOI) requires individuals who wish to negotiate and bind reinsurance contracts or act as an agent of an insurer to be licensed as a Managing General Agent with the Department of Business and Industry. The filing of a $50,000 Managing General Agent Bond is required to get and maintain licensure.
Jet Insurance Company provides the Managing General Agent License Bond as a guarantee to the Commissioner of Insurance that the individual or business entity will comply with all rules and regulations of their license, as well as the standards of the insurance industry. In cases where a licensee commits a violation that results in a financial loss to a client, the surety bond will act as restitution for the damaged party.
Jets prices for the Nevada Managing General Agent License Bond are only a small percentage of the required $50,000 limit and are based on the personal credit score of the applicant. Rates start as low as $375 annually or $38 a month. We also offer multi-year bond terms if you would rather not worry about renewing your bond annually. Take a look at the chart below for our monthly, 1-, 2-, and 3-year preferred tier rates.
The Nevada Division of Insurance requires your license to be renewed once every three years. With this in mind, our monthly or multi-year bond terms are great options since you’re required to keep the bond active for the duration of your license.
Jet’s application for the Nevada Managing General Agent Bond is fully online and can be completed in just a few minutes. General information such as your contact details and social security number will be collected. Once submitted, we run a soft credit check to get you an approved rate𑁋no need to worry though, it won’t have an effect on your score. As soon as this step has been completed, a Jet underwriter will send you over prices for monthly, annual, and multi-year options. Just choose your bond term and fulfill the payment; you’ll then receive a copy of your bond form and receipt right away.
The Jet team can file your bond for you at no extra cost! If you’d prefer to file your bond yourself though, this option can be selected at checkout. The original signed and sealed Managing General Agent Bond must be filed with the Nevada Division of Insurance’s Department of Business and Industry.
The license bond and all other documents required must be sent to the mailing address below:
Nevada Division of Insurance
Department of Business & Industry
1818 E. College Pkwy., Suite 103
Carson City, NV 89706
Further information regarding initial and renewal license applications can be found on the “Managing General Agent” webpage.
Bond term renewals won’t be required for those utilizing our monthly payment plan! As long as payments continue to be made, your Managing General Agent Bond will remain in effect with the Division of Insurance. As for those who chose an annual or multi-year term, Jet will send over a renewal invoice to your email and mailing address far before your expiration date hits. All you need to do is fulfill payment and your bond will be all set for another term.
If you need to cancel your bond for whatever reason, you can do so at any time by sending us a written cancellation request to email@example.com. Once received, we’ll notify the Nevada Division of Insurance of your bond’s termination. The DOI will release the liability of your license bond within 30 days of notice.
For those who paid for the bond in full, Jet will review your bond term for any unused premium and will reimburse you if any is found upon the end of the required cancellation period. Those who are a part of the monthly plan must make one last payment for the 30-day period as the surety bond is technically still active during that time. Once this last step has been completed, all future payments with Jet will be terminated.
Individuals and business entities that are licensed with the Nevada Division of Insurance as managing general agents must abide by all rules and regulations pursuant to Chapter 683A.450 through Chapter 683A.560 of the Nevada Administrative Code. Failure to comply may result in the Commissioner of Insurance holding a mandatory hearing to discuss penalties such as the suspension or permanent revocation of your license, large fines, and/or a bond claim.
A claim on the Managing General Agent Bond will typically occur if the agent carries out a license violation such as negligence, unethical conduct, or fraud. For example, an agent committing the insurer to a claim settlement without prior approval from the insurer is a license violation. The damaged client (insurer) may then file a formal complaint with the Division of Insurance. If the complaint is found to be justified, the Commissioner of Insurance will require the licensee to attend a mandatory hearing where possible penalties will be discussed such as a bond claim. The official claim will cover damages caused by the licensee to the claimant, and the payout amount is determined by the Commissioner.
If you receive a claim notice from the Commissioner of Insurance, contact Jet as soon as possible. We will ask that you provide us with all available information and documentation regarding the accused license violation. The Jet team will review these details for our own investigation; this is done to ensure the violation is valid before acceptance of the claim.
As for claims on the Nevada Managing General Agent Bond that are justified, Jet is legally obligated per the bond form to make payment up to the bond amount (payouts will never exceed the limit). You, as the managing general agent licensee, are held responsible for your actions and must reimburse Jet for the claim payout made on your behalf. Failure to do so will result in future difficulties obtaining surety bonds which are typically required for licensure in the Nevada insurance industry.