Section .0500 ‑ Renewal And Cancellation Of Licenses

Link to law: http://reports.oah.state.nc.us/ncac/title 11 - insurance/chapter 06 - agent services division/subchapter a/11 ncac 06a .0501.html
Published: 2015

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SECTION .0500 ‑ RENEWAL AND CANCELLATION OF LICENSES

 

11 NCAC 06A .0501          RENEWAL OF AGENT APPTS:

LICENSES/LIMITED reps

(a)  Annually the Division shall notify each insurance

company and motor club company of dates and procedures for renewing agent appointments

and limited representative licenses.  Companies shall be given at least 30

days' advance notice of the last date the Division shall process terminations.

(b)  On the last date to submit terminations, the Division

shall cease processing all terminations and bill companies for renewals.  All

appointments and licenses shall automatically be billed for the appointment

renewal unless the Division has received a termination request from the company

within the specified time.

(c)  The Division shall send each company an invoice stating

the total amount of money due and a list of all appointees or licensees

associated with the total due.  The Division shall make this invoice and a list

of all appointees or licensees associated with the total due available

electronically to each company.  Companies shall remit the amount stated in the

invoice by electronic payment to the Commissioner or the Commissioner's

designee and shall pay all associated fees for electronic processing.  Any

discrepancies claimed by companies shall be investigated only after full

payment is received.

(d)  Upon receipt of the company payment, the Division shall

provide to the company an electronic list of all appointments and licenses

renewed.

(e)  Appointments recorded and licenses issued prior to the

renewal date, but after the date specified by the Division as the last date to

process termination are valid until the following year.

(f)  Failure of a company to pay any invoice by the due date

shall automatically result in the termination of all appointees or licensees of

that company.  The Commissioner shall not issue any new appointments until all

outstanding invoices have been paid.  Any company that has had appointments or

licensees cancelled by the Commissioner pursuant to this Rule shall not process

any new electronic appointments until all outstanding invoices have been paid. 

When the outstanding invoices are paid, the company may re-appoint agents or

limited representatives and shall pay the appointment fees.

 

History Note:        Authority G.S. 58-2-40; 58-2-250;

58-33-40(f); 58-33-56; 58-33-125(a); 58-33-125(h);

Eff. February 1, 1976;

Readopted Eff. June 12, 1978;

Amended Eff. October 1, 2010; February 1, 1996; October

1, 1990; February 1, 1989; July 1, 1986.