Oregon Life Settlement Providers Bond - $100,000
What is the Oregon Life Settlement Providers Bond?
The State of Oregon mandates companies and individuals planning to operate as life settlement providers to secure proper licenses, fees, and bonds with the Department of Consumer and Business Services. According to the Department’s Insurance Division, the total bond amount for viatical settlement providers bond is $100,000 and must be settled prior to their operation.
Following the provisions of OAR 836-014-0240(4), viatical providers are required to submit several forms including the NAIC Transfmittal form, Instructions, and Product Code; Cover Letter; Certificate of Compliance; Product Standards; Disclosure-Samples; and Verification of Coverage Samples among others. The Standards for Life Settlement Contracts highlight simplified requirements.
Why do you need an Oregon Life Settlement Provider Bond?
The State of Oregon sees to protect the state and its people availing of viatical settlement contracts. In line with this, the Director of the Department of Consumer and Business Services may exercise their authority to revoke or suspend the license of a life settlement provider for gross misconduct elaborated in ORS 744.318 to 744.384.
Apart from the mandatory legal compliance, securing your own licensing bond also ensures:
- Clients are completely safe and secure under your agency
- Your credibility is boosted in terms of financial security
- You are able to use your full line of credit
- The confidentiality of your activities (unless requested by legal authorities)
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
More details about the Oregon Life Settlement Provider Bond
The Oregon Life Settlement Bond must be filed with Oregon’s Department of Consumer and Business Services and must be issued by a surety bond provider certified by the state’s Insurance Department. The parties in the agreement are:
- Principal (life settlement provider)
- Obligee (State of Oregon)
- Surety/Bond Company or Obligor (surety bond provider)
How much does an Oregon Life Settlement Provider Bond cost?
The cost of Life Settlement Provider Bonds in the State of Oregon will depend on the employer’s credit score, industry experience, business history, and the surety provider’s background. The bond itself is normally between 1% - 2%.
How do I obtain this bond?
At Surety Bond Authority, we are dedicated to helping you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
- Completed bond application form (to be provided by our trusted surety agents)
- Bond forms (as designed and mandated by the state regulation department)
- Financial documents (this includes your bank account statements, sources of income, balance sheets, personal and business capital, escrow accounts, etc.)
- Other requirements as prescribed (seller’s permit, facility permit to legally conduct business, etc.)
In the assessment phase, our underwriter will need the following information:
- Nature of your business
- Credit Score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time.