Rules and Regulations Regarding Premium Finance Company

It is important to note, any person, firm, corporation or association conducting business, within the State of North Carolina, in any of these areas without a license/permit shall be guilty of a Class I felony. For more information relating to the exact laws and regulations, refer to North Carolina General Statues Chapter 58/Article 35 and North Carolina Administrative Codes 11 NCAC 13.0300.

Licensee shall furnish in writing to North Carolina Department of Insurance a notification with applicable documents when there is a; name change, address change, officer change, criminal convictions, action by another State agency, regulatory action, merger, or ownership change. The notification should include updated documents to reflect the change. Forms can be electronically obtained from the North Carolina License Management System (NCLMS) under "Supplemental Forms."

Forms

Reporting

Name & Address Change

Name & Address Change

In accordance with NCGS 58-2-69(b), every applicant/licensee is to submit, in writing, changes of address and/or email within ten (10) business days after the change.

Both name & address changes must be in writing and should be requested using a Name/Address Change Request form along with the submission of back-up documents listed on the form. The change form can be electronically obtained from the NCLMS under "Supplemental Forms." Login using your user id and password. Change requests should be sent electronically or surface mail to:

Email: northcarolinalicensingoffice@pearson.com

US Postal Service:
NC/State of DOI
PO Box 742175
Atlanta GA 30374-2175

Overnight:
Bank of America Lockbox Services
Lockbox 742175
6000 Feldwood Road
College Park GA 30349

Ownership Change

Ownership Change

A written notification to the Commissioner within 10 days after the occurrence of the event with applicable documents. Contact an Insurance Company Examiner at 919-807-6800 for additional questions.  

Premium Finance Company Reports

Premium Finance Company Reports

Annual Statement Form

The Agent Services Division has filed an administrative code rule revision to 11 NCAC 13.0308 Annual Statement with the Rules Review Commission. The proposed rule change eliminates the requirement for an annual statement to be filed annually by March 1 and instead requires that the Premium Finance Company submit a new form called “Analysis of Contracts”. This Analysis of Contracts form is required to be submitted along with the Premium Finance Company renewal application required by 11 NCAC 13.0304 and is due to Agent Services Division by May 15 annually.

This change was recommended to the Agent Services Division for the following reasons:

Eliminate concerns with duplicate reporting of information by Premium Finance Companies in the renewal application.

Eliminate confusion with the different reporting timing with the Annual Statement being due by March 1 and a Premium Finance Company renewal application due May 15.

The proposed effective date for this rule change is March 1, 2012 so Premium Finance Companies are not required to file the annual statement by March 1, 2012.

Owners, Governing Members, and Officer Changes

Owners, Governing Members, and Officer Changes

Updates to officers, directors and owners require the submission of Form DOI-5/Personal Questionnaire. Blank forms can be obtained by logging into the NCLMS.

Revisions to Correspondence, Forms and Brochures

Revisions to Correspondence, Forms and Brochures

Licensees should submit samples of new/updated correspondence, forms, and brochures for approval by the Commissioner before placed into usage. Submit a cover letter with license/permit number, description of proposed changes, effective date and samples of the revised documents. Requests for approval of revised documents should be sent by email to ASD@ncdoi.gov.

Voluntary Surrender of License

Voluntary Surrender of License

Voluntary surrender of license must be requested in writing and signed by an authorized officer of the licensee. The request should include the name, address, license type, license number and effective date of the cancellation.