§ 143B-472.111. Premiums and fees. - North Carolina Statutes

§ 143B‑472.111. Premiums and fees.

(a)        Amount. – TheAuthority shall by rule set the premiums and fees to be paid for providingassistance under this Part. The premiums and fees set by the Authority shall bepayable in the amounts, at the time, and in the manner that the Authorityrequires. The premiums and fees may vary in amount among transactions and atdifferent stages during the terms of transactions.

(b)        Rate Standards. – Therate standards in G.S. 58‑40‑20 apply to premiums set by theAuthority under this section. The Authority may also use the forms and rates ofrating or advisory organizations licensed under G.S. 58‑40‑50 orG.S. 58‑40‑55. The Authority may vary from these rates in order tobroaden participation by small businesses that are unable to obtain adequatefinancing and bonding assistance in connection with contracts. The premiums setand forms developed by the Authority under this section must be approved by theCommissioner of Insurance before they may be used.

(c)        Forms. – TheAuthority shall develop forms to be used for financing and bonding assistance. (2007‑441, s. 1.)