Urgent: Report
BOI before the federal deadline to avoid $591/day penalties. File before 1/1/2025
Days Hours Minutes Seconds until the deadline. Act now to allow time for info collection and filing delays.
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Licensing requirements for Maryland insurance professionals and companies.
This page provides an overview of insurance licensing in Maryland for individuals and companies. You will find state requirements, application fees, filing instructions, and more. For assistance with licensing, please contact us to learn about our software and managed license services.
Companies that provide insurance producer services in Maryland must apply for a license prior to doing
business. Depending on the lines of authority offered by the entity and the types of services offered, multiple
firm licenses may be required.
Before applying, firms should ensure that the licensed individual to be appointed agent in charge has the
necessary licenses. Firms should also gather proof of incorporation, or foreign qualification for out-of-state
firms, in anticipation of application requirements.
Maryland Third Party Administrator License - Resident
Agency:
Maryland Insurance Administration
Bond Requirements:
The amount of the bond is determined at the time of application for registration or renewal, and is based on the average amount of money that the administrator or its predecessor handled in the prior year, and expects to handle in the current calendar year. The amount of the bond must be equal to at least 10% of the average amount of money that the administrator expects to handle at any one time for all plans administered during the year. The minimum bond amount is $5,000 and the maximum amount is $500,000.
The surety bond or continuation certificate must clearly state: - bond company and bond amount - bond coverage period - show the State of Maryland as the obligee - duly executed by the principal/producer and bond company/attorney-in-fact
◘ Applicants for an initial TPA Registration or a renewal must submit a current, original surety bond unless: (1) the Commissioner has granted a waiver; (2) the applicant only administers plans under which benefits are paid only from the general assets of an employee organization or of an employer; or (3) the applicant is a corporation organized and authorized under the laws of the United States or a state to do business as an insurer or to exercise trust powers, is subject to supervision or examination by a federal or State authority, and continuously maintains combined capital and surplus in excess of $1,000,000.
$200 if date of application is more than 1 year from insurance producer license expiration date and $100 if date of application is less than 1 year from insurance producer license expiration date.
Filing fees depend on your individual situation. We do our best to calculate your filing fees
upfront and collect those fees today so we can get started. Your specialist will determine your
exact filing fees and invoice additional fees if required.
