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Form MGA-2 Bond of Managing General Agent - Idaho
What Is Form MGA-2?
This is a legal form that was released by the Idaho Department of Insurance - a government authority operating within Idaho. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Form MGA-2?
A: Form MGA-2 is a bond required for Managing General Agents (MGA) operating in Idaho.
Q: What is the purpose of Form MGA-2?
A: The purpose of Form MGA-2 is to provide financial security and protection to the insurance company for the acts and conduct of the MGA.
Q: Who needs to submit Form MGA-2?
A: Managing General Agents operating in Idaho need to submit Form MGA-2.
Q: What does the bond cover?
A: The bond covers any acts or conduct of the MGA that may result in loss or damage to the insurance company.
Q: How much is the bond amount for Form MGA-2?
A: The bond amount required for Form MGA-2 is $100,000.
Q: Are there any other requirements for MGAs in Idaho?
A: Yes, in addition to the bond requirement, MGAs in Idaho must also hold a valid license and comply with other regulatory obligations.
Q: Can the bond amount be reduced or waived?
A: No, the bond amount for Form MGA-2 cannot be reduced or waived.
Q: What happens if I don't submit Form MGA-2?
A: Failure to submit Form MGA-2 may result in penalties, fines, or the revocation of the MGA's license.
Q: Is the bond refundable?
A: No, the bond amount is not refundable as it is meant to secure the obligations of the MGA.
Form Details:
- Released on July 1, 2021;
- The latest edition provided by the Idaho Department of Insurance;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form MGA-2 by clicking the link below or browse more documents and templates provided by the Idaho Department of Insurance.
