Illinois Rx program administrator bonds.
From $100.

An Illinois third party prescription program administrator must either keep reimbursement funds in a separate fiduciary account or post a bond of indemnity with the Department of Insurance, generally at least 10% of estimated annual reimbursement. Pricing is 1% of the bond amount, with a $100 minimum.

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Required of an Illinois Rx-program administrator under the Third Party Prescription Program Act (215 ILCS 5, Art. XXXI½)

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An alternative to a fiduciary account — at least 10% of estimated annual reimbursement, held by the Director of Insurance

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A quick soft credit check may apply — never a hard inquiry, no impact on your score, while pricing itself is 1% of the bond amount, $100 minimum

1% of amount$100 minimumSoft pullnever affects your scoreFastapproval for most

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How it works

Three steps to registered.

Your registration is waiting on this bond. Here is the entire process — no broker phone tag:

TODAY · ONLINE

Apply once, online

Business details, the bond amount your registration requires, and the effective date — plus a one-time consent to a soft credit pull.

RIGHT AWAY

Approved

Most are approved as soon as you apply. The credit check is a soft pull that never affects your score. If it needs a second look, one to two business days at most.

WHEN YOU PAY

File with the Department of Insurance

Pay online and receive the executed indemnity bond, ready to file with the Director of Insurance for your registration. Wet-ink originals mailed whenever the state insists.

About this bond

What it is and who needs it.

What the prescription-administrator bond covers

Illinois regulates third party prescription programs — programs that reimburse pharmacies for prescriptions on behalf of a plan — under Article XXXI½ of the Insurance Code (215 ILCS 5), the Third Party Prescription Program Act. Programs and their administrators must register with the Director of Insurance.

An administrator must either maintain a separate fiduciary account for receipt and disbursement of reimbursement funds, or post a bond of indemnity in an amount not less than 10% of the total estimated annual reimbursement. The bond is held by the Director for the benefit and indemnification of the providers — the pharmacies — served by the program.

Because the bond figure depends on your reimbursement volume, the amount is whatever your registration requires. Enter that figure and your price — 1% of the bond amount, with a $100 minimum — appears at the application. A soft credit check may apply; it never affects your score.

215 ILCS 5, Article XXXI½ (Third Party Prescription Program Act)Under Article XXXI½ of the Illinois Insurance Code (215 ILCS 5), a third party prescription program administrator must either maintain a separate fiduciary account for reimbursement funds or post a bond of indemnity of at least 10% of the total estimated annual reimbursement, held by the Director of Insurance for the benefit of participating providers. Confirm the exact amount with your registration.

You need this bond if you are

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Registering as an Rx-program administrator and choosing a bond over a separate fiduciary account

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A pharmacy benefit administrator handling reimbursement funds for an Illinois prescription program

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Renewing a registration whose indemnity bond is expiring or was non-renewed

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Growing your reimbursement volume and needing to raise the bond to the 10% threshold

One application, issued instantly.

These are the actual underwriting fields, including a one-time consent to a soft credit pull. Submit once and your bond is issued when you pay.

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FAQ

Common questions.

How much is this bond?Pricing is 1% of your bond amount, with a $100 minimum. The bond itself is generally at least 10% of your estimated total annual reimbursement under the program. Enter that figure at the application and your exact price appears.

Can I skip the bond?Sometimes. The statute lets an administrator either keep reimbursement funds in a separate fiduciary account or post this indemnity bond. Many administrators choose the bond because it starts from $100 instead of tying up cash in a fiduciary account.

Is there a credit check?A quick soft credit check may apply — never a hard inquiry, and it never affects your score. Pricing itself is 1% of your bond amount, with a $100 minimum.

Who is protected by the bond?The participating providers — the pharmacies — served by the prescription program. The Director of Insurance holds the bond for their benefit and indemnification.

When does it renew?The bond must stay in force while you’re registered. We send renewal notices well before expiration, with autopay available, so your registration never lapses over a missed email.

Which A-rated carriers underwrite these bonds?Typically Arch Insurance Company (A.M. Best A+) or Nationwide Mutual Insurance Company (A.M. Best A). Which one writes your bond depends on the bond type and your state. The carrier's name and official signature are printed on the bond you receive.

How do I contact Light RFP about this bond?Email insurance@lightrfp.com. It reaches the bond team at Light RFP Risk Management Services LLC (NY DFS License # PC-1978982). Write to us about quotes, applications, bond forms or certificates. We will respond within 24 hours.

Related bonds

Other Illinois bonds.

Rx-administrator bond, issued today.

Pricing from $100, soft pull only. Enter your required amount and file with the Department of Insurance in 1–2 business days.

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