SECTION .0500 ‑ RENEWAL AND CANCELLATION OF LICENSES
11 NCAC 06A .0501 RENEWAL OF AGENT APPTS:
(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
(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.