Section .0300 ‑ Insurance Premium Finance Companies

Link to law: http://reports.oah.state.nc.us/ncac/title 11 - insurance/chapter 13 - agent services division - non-insurance entities/11 ncac 13 .0301.html
Published: 2015

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SECTION .0300 ‑ INSURANCE PREMIUM FINANCE COMPANIES

 

11 NCAC 13 .0301             FORMS

The following forms are provided by the division and are

used by insurance premium finance companies for purposes as specified herein:

(1)           Application for Insurance Premium Finance License. 

The form entitled "Application for Insurance Premium Finance License"

shall include general interrogatories concerning the company's structure,

employees' past business experience, address and proposed method of operation

of the applicant as well as all other pertinent information.

(2)           Premium Finance License Renewal Form.  A

"Premium Finance Renewal Application" shall include the name and

address of the premium finance company, date of cancellation of the license if

the application is not received by the Division, the amount of the proper

license fee, a statement of any changes in the structure of the applicant since

its last application, a computation of the bond amount specified in G.S.

58-35-15 and 11 NCAC 13 .0302, instructions for the completion and return of

the application and other pertinent information.

(3)           Premium Finance Surety Bond Form.  The surety bond

described in G.S 58-35-15 shall be executed on a form supplied by the

Commissioner and shall be executed in accordance with the laws of North

Carolina governing surety bonds.  The surety bond form shall include the name

of the premium finance company [corporation - use corporate name exactly as

shown on the articles of incorporation; unincorporated - use name(s), trading

as (T/A) the name of the premium finance company], name of the surety, amount

of the bond, terms of cancellation of the bond and other pertinent information.

(4)           Premium Finance Company Personnel Form.  Each

stockholder owning ten percent or more of the applicant's outstanding stock and

each partner, director, officer, office manager or field representative

employed by the applicant shall complete form DOI-5PF entitled "Personal

Questionnaire."  Form DOI-5PF will be furnished by the Commissioner and

shall contain the name of the premium finance company, the name and address of

the individual completing the form, the position(s) held by the individual,

past business experience of the individual, the name and address of three

people not related to the individual who can attest to the individual's

reputation for honesty and fair dealings and other pertinent information.  All

"Personal Questionnaires" shall be attached to the applicant's

"Application for Insurance Premium Finance License."

(5)           Request by Insured for Separate Contracts Form. 

Each insured who expressly requests separate premium finance contracts

authorized by 11 NCAC 13 .0325 shall complete form DOI-6PF entitled

"Request by Insured for Separate Contracts."

 

History Note:        Authority G.S. 58-2-40; 58-35-5(b);

58-35-15(a);

Eff. February 1, 1976;

Readopted Eff. January 1, 1978;

Amended Eff. April 8, 2002; May 1, 1989.