Maine managing general agent bonds.
$1,000 flat.
A managing general agent who underwrites and administers business for an insurer must file a $100,000 bond with the Maine Bureau of Insurance, on the Bureau’s MGA bond form. Ours is $1,000 flat, set by our carrier’s rate book for this bond — and license bonds like this issue instantly.
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How much does a Maine managing general agent bond cost?
$1,000 at the $100,000 amount, the same for every applicant.
Three steps. One sitting.
License bonds are the simplest thing in surety. Here’s the entire process:
Apply online
Business details and an effective date. That is the application. No credit check.
Pay & e-sign
License bonds like this are among the thousands of bond types that issue right after purchase.
File with the Bureau of Insurance
Your executed bond arrives on the Bureau’s MGA bond form, ready to file with your registration. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
A managing general agent (MGA) is a specialized intermediary an insurer authorizes to underwrite, bind, issue, and sometimes administer claims on its behalf — effectively running a book of business as the insurer’s outsourced underwriting arm. Maine’s Bureau of Insurance registers MGAs under Title 24-A and requires a bond standing behind that authority.
The bond is a $100,000 guarantee filed on the Bureau’s MGA bond form, for the benefit of the insurers the MGA represents and the public. It backs the MGA’s faithful performance and proper handling of premiums and funds. The bond runs concurrently with the current license period and any renewals, and may be cancelled only on 30 days’ written notice to the principal and the Superintendent of Insurance.
It is a three-party guarantee, not insurance for you: if the surety pays a claim, you repay the surety. MGA registrations renew on a set schedule (renewals are due June 1), and the bond must stay active the whole time — we track it and notify you 60 and 30 days out.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the $100,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose; a longer term is the same price per year, chosen at checkout.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the Bureau of Insurance. Your executed bond arrives on the Bureau’s MGA bond form, ready to file with your registration. Wet-ink original mailed on request.
What sets the price
The premium is fixed at $1,000 at the $100,000 amount for every applicant: the carrier’s rate book prices this bond by the form, not by your credit or your business profile.
No credit check.
One application, issued instantly.
These are the actual issuing fields. No credit check. We issue on the Bureau of Insurance MGA bond form.
Start the application →Common questions.
Other Maine bonds.
The same bond in nearby states.
Been told you need a different amount?
Price and requirements checked on the carrier’s application, . Page updated .
Finish your MGA registration today.
$1,000 flat, no credit check, bond often issued in the same sitting. Free until issued.