§ 58-35-40. Rebates and inducements prohibited; assignment of insurance premium finance agreements. - North Carolina Statutes

§58‑35‑40.  Rebates and inducements prohibited; assignment ofinsurance premium finance agreements.

(a)        No insurancepremium finance company shall pay, allow, or offer to pay or allow payment toan insurance agent, and no insurance agent shall accept from a company, arebate as an inducement to the financing of an insurance policy with thecompany. No insurance premium finance company shall give or offer to give to aninsurance agent, and no insurance agent shall accept from a company, anyvaluable consideration or inducement of any kind, directly or indirectly, otherthan an article of merchandise not exceeding one dollar ($1.00) in value whichshall have thereon the advertisement of the insurance premium finance company.An insurance premium finance company may purchase or otherwise acquire aninsurance premium finance agreement from another insurance premium financecompany with recourse against the insurance premium finance company on suchterms and conditions as may be mutually agreed upon by the parties, if theagreement complies with the requirements of this Article. The terms andconditions of the agreement shall be subject to the approval of theCommissioner.

(b)        No filing of theassignment or notice thereof to the insured shall be necessary to the validityof the written assignment of an insurance premium finance agreement as againstcreditors or subsequent purchases, pledges, or encumbrancers of the assignor.

(c)        As used in thissection, the term "insurance premium finance company" includesemployees of the company; the term "insurance agent" includesemployees of the insurance agent; and the word "company" means aninsurance premium finance company. (1963, c. 1118; 1989, c. 485,s. 64; 1991 (Reg. Sess., 1992), c. 837, s. 1; 1999‑157, s. 7.)