N.C. Gen. Stat. » Chapter 58
NC General Statutes

N.C. Gen. Stat. § 58-35-5 (2026)

License required; fees

✓ current as of July 2026
Find cases: SyfertCases citing this section NCLEGncleg.gov (official) JustiaChapter 58 CornellLII Search CasesGoogle Scholar

(a) No person except an authorized insurer shall engage in the business of an insurance premium finance company without obtaining a license from the Commissioner, as provided in this Article.

(b) Application for license required under this Article shall be in writing, and in the form prescribed by the Commissioner.

(c) When an applicant has more than one office, separate applications for license shall be made for each such office.

(d) At the time of filing an application for a license, the applicant shall pay to the Commissioner the license fee. Upon original application or upon application subsequent to denial of application, or revocation, suspension or surrender of a license, an examination fee may be required.

(e) There shall be two types of licenses issued to an insurance premium finance company:

(1) An "A" type license shall be issued to insurance premium finance companies whose business of insurance premium financing is limited to the financing of insurance premiums of one insurance producer or agency and whose primary function is to finance only the insurance premium of such insurance producer or agency. The license fee for an "A" type license shall be six hundred dollars ($600.00) for each license year or part thereof.

(2) A "B" type license shall be issued to an insurance premium finance company whose business of insurance premium financing is not limited to the financing of insurance premiums of one insurance producer or agency and whose primary function is to finance the insurance premiums of more than one insurance producer or agency. The license fee for a "B" type license shall be two thousand four hundred dollars ($2,400) for each license year or part thereof.

A branch office license may be issued for either an "A" type or "B" type license to the second and any subsequent locations where the company operates an office. The fee for the branch office license shall be one hundred dollars ($100.00) for each license year or part thereof. The examination fee when required by this section shall be two hundred fifty dollars ($250.00) per application. (1963, c. 1118; 1967, c. 1232, s. 1; 1989 (Reg. Sess., 1990), c. 1069, s. 7; 1995, c. 507, s. 11A(c); 2009-451, s. 21.2(a); 2022-46, s. 14(hh).)

 

Notes of Decisions
Cited in 1 case, 2011–2011 · leading case: Universal Ins. v. Patterson, 708 S.E.2d 129 (N.C. Ct. App. 2011).
Sort: Relevance Newest Treatment
Universal Ins. v. Patterson, 708 S.E.2d 129 (N.C. Ct. App. 2011). “The cancellation of this policy pursuant to a power of attorney given to a company licensed pursuant to the provisions of G.S.58-35-5. On 7 March 2008, because the Pattersons failed to pay their scheduled premium payment to Budget, Budget mailed a Ten Day Notice of Intent to…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.