Last month, Commerce announced that the bond with a minimum coverage of $3,000 will be the temporary replacement for the foreign student health insurance, which is a requirement for a foreign student entry permit.
Commerce also approved the form filing for Traders Insurance, which was the first to offer the health bond.
This week, Century Insurance and Equitable Insurance Company began accepting applications for the bond.
As of Monday, Century had approved 11 foreign students for the bond. The company declined to say whether the $100 fee will increase, but added that it is expecting more foreign students to apply for the bond.
Equitable Insurance, for its part, had approved one student as of Monday and was expecting more applications.
Equitable said its $100 fee will increase depending on the income of the students’ sponsors, but added that it will not be higher than the 2 to 6 percent payment plan.
Commerce said foreign students will not be charged more than 2 to 6 percent of the $3,000 bond.
The department noted that a student has to pay $100 or more each month under an individual health insurance policy.
