§ 58-35-5. License required; fees. - North Carolina Statutes

§ 58‑35‑5. License required; fees.

(a)        No person except anauthorized insurer shall engage in the business of an insurance premium financecompany without obtaining a license from the Commissioner, as provided in thisArticle.

(b)        Application forlicense required under this Article shall be in writing, and in the formprescribed by the Commissioner.

(c)        When an applicanthas more than one office, separate applications for license shall be made foreach such office.

(d)        At the time offiling an application for a license, the applicant shall pay to theCommissioner the license fee. Upon original application or upon applicationsubsequent to denial of application, or revocation, suspension or surrender ofa license, an examination fee may be required.

(e)        There shall be twotypes of licenses issued to an insurance premium finance company:

(1)        An "A"type license shall be issued to insurance premium finance companies whosebusiness of insurance premium financing is limited to the financing ofinsurance premiums of one insurance agent or agency and whose primary functionis to finance only the insurance premium of such agent or agency. The licensefee for an "A" type license shall be six hundred dollars ($600.00)for each license year or part thereof.

(2)        A "B" typelicense shall be issued to an insurance premium finance company whose businessof insurance premium financing is not limited to the financing of insurancepremiums of one insurance agent or agency and whose primary function is tofinance the insurance premiums of more than one insurance agent or agency. Thelicense fee for a "B" type license shall be two thousand four hundreddollars ($2,400) for each license year or part thereof.

A branch office license may beissued for either an "A" type or "B" type license to thesecond and any subsequent locations where the company operates an office. Thefee for the branch office license shall be one hundred dollars ($100.00) foreach license year or part thereof. The examination fee when required by thissection shall be two hundred fifty dollars ($250.00) per application.  (1963, c. 1118; 1967, c.1232, s. 1; 1989 (Reg. Sess., 1990), c. 1069, s. 7; 1995, c. 507, s. 11A(c);2009‑451, s. 21.2(a).)