§ 58-37-30. General obligations of agents. - North Carolina Statutes

§58‑37‑30.  General obligations of agents.

(a)        Except as otherwiseprovided in this Article, no licensed agent of an insurer authorized to solicitand accept premiums for motor vehicle insurance or any component thereof by thecompany he represents shall refuse on behalf of said company to accept anyapplication from an eligible risk for such insurance and to immediately bindthe coverage applied for and for a period of not less than six months ifcession of the particular coverage and coverage limits applied for arepermitted in the Facility, provided the application is submitted during theagent's normal business hours, at his customary place of business and inaccordance with the agent's customary practices and procedures. The commissionpaid on the insurance coverages provided in this Article shall not be less thanthe commission on insurance coverage written through the North CarolinaInsurance Plan on May 1, 1973. The same commission shall apply uniformlystatewide.

(b)        It shall be theresponsibility of the agent to write the coverage applied for at what hebelieves to be the appropriate rate level. If coverage is written at theFacility rate level and the company elects not to cede, the policy shall berated at a rate under Article 36 of this Chapter. Coverage written at a rateunder Article 36 of this Chapter that is not acceptable to the company musteither be placed with another company or rated at the Facility rate level bythe agent. (1973, c. 818, s. 1; 1977, c. 828, s. 11; 1995, c.517, s. 23.)