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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. Refer to the Limited Lines Supplement form for guidance.
The registration term is for two years and all licenses expire June 30th of every other year. TPA Registrations may be renewed up to 90 days prior to the expiration date.
The fee to renew a Third Party Administrator Registration is $65. This includes the $50 renewal fee andthe $15 fraud prevention fee.
Applications may be submitted via:
Maryland Insurance Administration Limited Lines Licenses and Registrations SupplementMaryland Insurance Administration Form For A Business Entity To Update Owners, Partners, Officers, Directors, Members or TPA PrincipalsThird Party Administrator Surety Bond Template (copy of bond policy or continuation form may be used)Third Party Administrator Fraud Plan Packet (requirement for submission of fraud plans under to HB 142)Note: Regardless of who completes the application, the license applicant is ultimately responsible for the contents of the application and must provide accurate and complete information (if the application was completed by someone other than the applicant, the person who completes an application may also be held responsible for the contents of the application). An application that fails to disclose or fails to provide accurate information may result in the DELAY and/or DENIAL of the application. If your license has already been issued and it is later discovered that the information contained in your application is not true, correct, or complete, your license may be REVOKED and you may be subject to monetary PENALTIES (if the application was completed by someone other than the applicant, the person who completed the application may also be subject to administrative action). If in doubt, disclose.
In most cases, complete applications are processed in 7-10 business days. Incomplete applications may incur delays, be rejected/denied or not be processed.
Note: All license or certificate fees are non-refundable and non-transferable whether the application has been approved, denied, cancelled, withdrawn, or when an applicant submits multiple applications for the same license or certificate.
200 St. Paul Place, Suite 2700, Baltimore, MD 21202
410-468-2000 | 1-800-492-6116 (toll free) | 1-800-735-2258 (TTY)