The Ohio Department of Insurance (ODI) requires any person entering into a life (viatical) settlement contract to obtain a $250,000 Viatical Settlement Provider Bond. Jet Insurance Company offers the Viatical Settlement Provider Bond as an assurance to the Ohio Department of Insurance that you, the licensee, will fulfill your obligations according to the regulations. The bond guarantees restitution is available should the viatical settlement provider cause financial loss to the public and/or the ODI while performing duties.
Whether you are one of the 20 viatical settlement providers in Ohio looking to renew your bond or are applying for the first time, Jet will help you get the bond quickly and effortlessly so you can focus on your clients. Click the button above to get started!
The lowest price for the bond is $2,500, but your cost will depend on your personal credit (don’t worry, it’s not a hard inquiry). The cost is always only a small percentage of the bond limit. The chart below reflects different payment options for an applicant with preferred credit.
Jet’s multi-year options allow you to save money down the road by paying a larger lump sum up front. You’ll also have more time between renewals!
Viatical settlement providers have the crucial job of entering into or putting into force life settlement contracts. To protect Ohio’s citizens in dealings with viatical settlement providers, the ODI mandates providers to show proof of financial responsibility, typically by filing a surety bond, according to Section 3916.03 of the Ohio Revised Code. Not only does the bond secure means to correct a scenario where financial damage has occurred, but it proves the provider is willing to comply with the Department of Insurance and follow regulations.
A surety company (Jet) is the third party providing the bond to guarantee compensation is immediately available when called upon by the ODI. For example, a claim may ensue if the viatical settlement provider continually misses payments owed to viators.
Exemptions from the viatical settlement provider requirements can be viewed in the Ohio Revised Code Section 3916.01.
Fill out a few simple questions, submit the application, and Jet will conduct a quick review of the details. If any additional information is required, we will contact you. When the quote is ready, you will receive an email with different payment options. After you provide payment, you will immediately receive your receipt and a copy of the bond for your records.
Let Jet take care of filing the bond for you, free of charge! After you pay for the bond you don’t need to worry about anything else until renewal. Although you can choose to file the bond yourself - that option is given at checkout. The bond and all other paperwork should be sent to the ODI at the address listed below:
State of Ohio Department of Insurance
50 W. Town Street
Columbus, OH 43215
Yes, with Jet you can cancel at any time. Just bear in mind that you must be able to prove, in some form, financial responsibility to the ODI for the entirety of your time operating as a viatical/life settlement provider.
Once you’re ready to cancel, let us know by sending us an email to firstname.lastname@example.org. We will notify the Department of Insurance immediately, where the bond will be kept active for 60 days upon receipt. During those 60 days, you are still liable under the bond, so that time will be taken into account for any potential refunds. Jet will evaluate any remaining time on the bond and refund you whatever is left, when applicable.
It’s simple - Jet will send you an invoice to your email and mailing address before the bond’s renewal date. All that’s needed to keep the bond active is the payment, which can be done online through the link in the email or by sending in your payment information via mail.
Ohio viatical settlement providers must follow the regulations in Chapter 3169 of the Revised Code to avoid infractions, including fines, license revocation, and a bond claim. Simply put, don’t commit fraud, misrepresentation, or any heinous acts listed in Sections 3916.15 and 3916.171.
In addition to the Ohio Department of Insurance, Any person who endures financial harm due to a provider’s actions may pursue action. Claims are generally easily avoided, even if a misunderstanding happens. Depending on the violation, the ODI may allow you to correct the matter before pursuing disciplinary action, including a claim. Your cooperation with the ODI is critical to keeping your license in good standing.
Once Jet is notified of a claim, we will gather any additional information and documentation and conduct an investigation. Your responsiveness and assistance are essential to make the process go smoothly.
Any legitimate claims will be paid to the damaged person(s) in the claim amount, up to the full bond limit of $250,000. While the bond is there to immediately cover damages, it acts as an extension of credit and any claims paid out must be paid back to Jet to restore the bond to its full capacity.