reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1714 - REPORTING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) On June 1 of
				each calendar year, each licensed provider shall make a report of all viatical
				settlement transactions in which the viators are residents of this State. The
				report shall contain the following information for the previous calendar year:
(1) For each viatical settlement entered into
				during the reporting period:
(A) Date of
				viatical settlement contract;
(B)
				Viator's state of residence at the time of the contract;
(C) Life expectancy of the insured at the
				time of contract in months;
(D)
				Face amount of policy viaticated;
(E) Net death benefit viaticated;
(F) Estimated total premiums to keep policy
				in force for mean life expectancy;
(G) Net amount paid to viator;
(H) Source of policy (B-Broker; D-Direct
				Purchase; O-Purchased from individual or entity other than the original
				viator);
(I) Type of coverage
				(I-Individual or G-Group);
(J)
				Whether or not the viatical settlement was entered into during the policy's
				contestable or suicide period, or both;
(K) Classification of the viator's or
				insured's diseases or injuries:
(i)
				Cardiovascular diseases;
(ii)
				Diseases of the central nervous system;
(iii) Diseases of the peripheral nervous
				system;
(iv) Elders with
				nonspecific disease processes;
(v)
				Infectious diseases and autoimmune diseases;
(vi) Liver and renal diseases;
(vii) Neoplasms;
(viii) Non-neoplastic pulmonary
				diseases;
(L) Type of
				funding (P-purchaser; L-licensee; I-accredited investor; F-financing entity;
				S-special purpose entity; R-related provider trust); and
(M) Rating of insurer that issued the policy
				at the time the policy was viaticated.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1715 - GENERAL RULES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) With respect to
				a policy containing a provision for double or additional indemnity for
				accidental death, the additional payment shall remain payable to the
				beneficiary last named by the viator before entering into the viatical
				settlement contract, or to such other beneficiary, other than the provider, as
				the viator may thereafter designate, or in the absence of a beneficiary, to the
				estate of the viator.
(b) Payment
				of the proceeds of a viatical settlement under
				G.S.
				58-58-250(i) shall be by
				means of wire transfer to the account of the viator or by certified check or
				cashier's check.
(c) Payment of the
				proceeds to the viator under a viatical settlement shall be made in a lump sum
				except where the provider has purchased an annuity or similar financial
				instrument issued by a licensed insurance company or bank, or an affiliate of
				either. Retention of a portion of the proceeds by the provider or escrow agent
				is not permissible.
(d) A provider
				or broker shall not pay or offer to pay any finder's fee, commission, or other
				compensation to any insured's physician, or to an attorney, accountant or other
				person providing medical, legal, or financial planning services to the viator,
				or to any other person acting as an agent of the viator, other than a broker,
				with respect to the viatical settlement.
(e) A provider shall not knowingly solicit
				purchasers who have treated or have been asked to treat the illness of the
				insured whose coverage would be the subject of the investment.
(f) If a provider enters into a viatical
				settlement that allows the viator to retain an interest in the policy, the
				viatical settlement contract shall contain the following provisions;
(1) A provision that the provider shall
				effect the transfer of the amount of the death benefit only to the extent or
				portion of the amount viaticated. The insurance company shall pay benefits in
				excess of the amount viaticated directly to the viator's beneficiary;
(2) A provision that the provider will, upon
				acknowledgment of the perfection of the transfer, either:
(A) Advise the insured, in writing, that the
				insurance company has confirmed the viator's interest in the policy;
				or
(B) Send a copy of the
				instrument sent from the insurance company to the viatical settlement provider
				that acknowledges the viator's interest in the policy; and
(3) A provision that apportions the premiums
				to be paid by the provider and the viator. It is permissible for the viatical
				settlement contract to specify that all premiums shall be paid by the provider.
				The contract may also require that the viator reimburse the provider for the
				premiums attributable to the retained interest.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1716 - CONTRACTS AND PAYMENT OF PROCEEDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Two
				specimen copies of each contract, application, brochure, and proposal shall be
				filed with the Division for approval under
				G.S.
				58-58-220.
(b) In addition to the requirements in
				G.S.
				58-58-250, every contract shall include the
				following provisions:
(1) If the viator
				elects the right to rescind the contract, the provider's rights or interest in
				the policy will terminate immediately upon the viator giving notice of the
				rescission and tendering of the settlement proceeds together with any escrow
				interest received by the viator.
(2) The amount of the fee or fees to be paid
				by the viator to the provider in conjunction with the contract shall be clearly
				stated, along with any conditions of payment or receipt of the fee or
				fees.
(3) The contract together
				with the application constitutes the entire agreement between the
				parties.
(4) If the contract
				provides for the payment of an additional settlement amount to the viator upon
				the exercise of a guaranteed insurability option by the viator, the contract
				shall disclose the amount of the additional settlement and the terms upon which
				it shall be payable.
(5) If the
				policy to be viaticated provides a guaranteed insurability option, the option
				may only be exercised for the benefit of a person who has an insurable interest
				in the life to be insured.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1717 - EXPIRED - ADVERTISING MATERIAL

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-2-40;
				  58-58-220;
				  58-58-300;
Temporary
				  Adoption Eff. April 1, 2002;
Temporary Adoption Expired December
				  27, 2002.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1718 - DISCLOSURE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The provider,
				upon receipt of an application to viaticate and after determining the value to
				be offered in return for the assignment or transfer of the death benefit or
				ownership of a policy to the provider, shall deliver a proposal to the viator
				before the contract is to be signed. The proposal shall disclose the following
				information:
(1) Amount of death benefit to be
				viaticated;
(2) Policy cash value
				before deducting any loan;
(3)
				Policy net cash value after deducting any loan;
(4) Policy death benefit less net cash
				value;
(5) Amount offered to
				viator;
(6) Whether any
				supplemental benefit or benefits including the following benefits, are present,
				will be continued and, if so, the source of premium payment and the beneficiary
				of the proceeds of such supplemental benefit, and the provider's interest in
				each benefit:
(A) Accidental death and
				dismemberment benefit, including the amount of the benefit;
(B) Disability income;
(C) Waiver of premium or of monthly deduction
				waiver;
(D) Guaranteed insurability
				options; or
(E) Children or spouse
				coverage;
(7) Name of
				the insurer, and whether the insurer does or does not have an accelerated death
				benefit program for which the viator qualifies;
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1719 - PROHIBITED PRACTICES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A provider or
				broker shall obtain from a person that is provided with patient identifying
				information a signed affirmation that the person or entity will not further
				divulge the information without procuring the express, written consent of the
				insured for the disclosure.
(b) If
				a provider or broker is compelled by a court of competent jurisdiction by order
				or subpoena to produce records containing patient identifying information, the
				provider or broker shall notify the viator and the insured in writing at their
				last known addresses within five business days after receiving notice of the
				court's order or subpoena.
(c) A
				provider shall not act as a broker and provider in the same viatical settlement
				contract.
(d) A viatical settlement
				provider shall not use a longer life expectancy than is reasonable, based on
				all medical and actuarial information available at the time of a viatical
				settlement transaction, in order to reduce the payout to which the viator is
				entitled. A life expectancy that is determined by a trained life underwriter,
				or an independent company in the business of providing life expectancy
				estimates and which may be determined, in part, by reference to proprietary
				financial or actuarial models, shall be deemed to be "reasonable" for the
				purpose of this Rule.
Authority
				  G.S.
				  58-2-40;
				  58-58-225;
				  58-58-245;
				  58-58-300;
Temporary
				  Adoption Eff. April 1, 2002;
Eff. April 1, 2003;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1700 - VIATICAL SETTLEMENTS › Section 12 .1720 - INSURANCE COMPANY PRACTICES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Every
				life insurance company licensed in this State shall respond to a request for
				verification of coverage from a provider or a broker within 30 calendar days
				after the date a request is received. The insurer shall inform the provider or
				broker whether the insurer intends to pursue an investigation regarding
				possible fraud or the validity of the insurance contract. The following items
				shall accompany the request for verification of coverage:
(1) A current authorization signed by the
				insured;
(2) If the policy to be
				viaticated is an individual policy, a verification of coverage form, completed
				by the provider or broker, substantially similar to the format prescribed by
				the NAIC in Appendix B of the NAIC Viatical Settlements Model Regulation;
				and
(3) If the viatication involves
				a group insurance certificate, a verification of coverage form, completed by
				the provider or the broker, substantially similar to the format prescribed by
				the NAIC in Appendix C of the NAIC Viatical Settlements Model
				Regulation.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1801 - APPLICABILITY

Current through Register Vol. 39, No. 2, July 15, 2024
This Section applies to any insurer or service corporation
				  that, under
				  G.S.
				  58-50-56, offers a preferred provider benefit
				  plan.
Authority
				  G.S.
				  58-2-40;
				  58-50-56;
Temporary
				  Adoption Eff. January 1, 1998;
Eff. August 1, 1998;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1802 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
The definitions contained in
				  G.S.
				  58-50-56(a) are incorporated
				  into this Section by reference and as used in this Section, the following terms
				  have the meanings ascribed to them:
(1) "Coinsurance" means the percentage of an
				allowed charge or expense, or usual and customary charge for a covered health
				care service that an enrollee must pay.
(2) "Copayment" means a fixed dollar amount
				that an enrollee must pay each time a covered health care service is
				provided.
(3) "Deductible" means a
				specified amount of covered health care services, expressed in dollars, that
				must be incurred by an enrollee before the insurer will assume any financial
				liability for all or part of covered health care services.
(4) "Emergency health care services" means
				those services as defined and delivered in accordance with
				G.S.
				58-3-190.
(5) "Enrollee" means an individual who is
				covered by a PPO benefit plan.
(6)
				"In-network covered services" means covered health care services that are
				received according to the rules of the health benefit plan from providers
				employed by, under contract with, or approved in advance by the insurer; and
				means emergency health care services regardless of the status or affiliation of
				the provider of such services.
(7)
				"Out-of-network covered services" means non-emergency, medically necessary
				covered health care services that are not received according to the rules of
				the health benefit plan, including services from affiliated providers that are
				received without the approval of the insurer.
(8) "Out-of-pocket expense" means a specified
				dollar amount of coinsurance incurred and payable by an enrollee for covered
				health care services in a specified period. Out-of-pocket expense may or may
				not include deductible amounts, copayment amounts, charges in excess of the
				amount allowed by the insurer, amounts exceeding the maximum benefits, or any
				other disallowed or noncovered expenses under the rules of the health benefit
				plan.
(9) "PPO benefit plan" has
				the same meaning as "preferred provider benefit plan" in
				G.S.
				58-50-56(a)(3).
Authority
				  G.S.
				  58-2-40;
				  58-50-56;
Temporary
				  Adoption Eff. January 1, 1998;
Eff. August 1, 1998;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1804 - DISCLOSURE REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If an enrollee
				utilizes out-of-network covered services, the explanation of benefits shall
				contain an explanation of coverage for out-of-network covered services that
				allows each enrollee to determine his or her obligations with respect to those
				services.
(b) Marketing materials,
				evidences of coverage, enrollee handbooks, and other materials given to
				enrollees by an insurer that offers a PPO benefit plan shall contain a clear
				and comprehensive explanation of the PPO benefit plan. The explanation shall
				include the following information:
(1) the
				method of reimbursement, including whether actual charges or usual and
				customary charges are used in making all benefit calculations;
(2) applicable coinsurance, copayment, and
				deductible amounts;
(3) any other
				uncovered costs or charges;
(4) the
				covered health care services that an enrollee may receive on an out-of-network
				basis, including whether or not annual physicals and health screenings are
				available out-of-network; and
(5)
				instructions for submittal of claims for out-of-network covered
				services.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1901 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
As used in this Section, the following terms have the
				  meanings ascribed to them:
(1) "Abuse"
				means the occurrence of one or more of the following acts by a current or
				former family member, household member, intimate partner or caretaker:
(a) Attempting to cause or intentionally,
				knowingly or recklessly causing another person bodily injury, physical harm,
				severe emotional distress, psychological trauma, rape, sexual assault or
				involuntary sexual intercourse;
(b)
				Knowingly engaging in a course of conduct or repeatedly committing acts toward
				another person, including following the person or minor child, under
				circumstances that place the person or minor child in reasonable fear of bodily
				injury or physical harm;
(c)
				Subjecting another person to false imprisonment; or
(d) Attempting to cause or intentionally,
				knowingly, or recklessly causing damage to property so as to intimidate or
				attempt to control the behavior of another person.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1902 - UNFAIR OR DECEPTIVE ACTS OR PRACTICES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				following are unfair or deceptive acts or practices in the business of
				insurance:
(1) To deny, refuse to issue,
				renew or reissue, cancel or otherwise terminate a health benefit plan, or
				restrict or exclude health benefit plan coverage or add a premium differential
				to any health benefit plan on the basis of the applicant's or insured's abuse
				status;
(2) To exclude or limit
				coverage for losses or deny a claim incurred by an insured on the basis of the
				insured's abuse status;
(3) To
				request information relating to acts of abuse or an applicant's or insured's
				abuse status, or make use of that information, however obtained, except for the
				limited purposes of complying with legal obligations or verifying a person's
				claim to be a subject of abuse; or
(4) To terminate group coverage for a subject
				of abuse because coverage was originally issued in the name of the abuser and
				the abuser has divorced, separated from, or lost custody of the subject of
				abuse, or the abuser's coverage has terminated voluntarily or involuntarily.
				Nothing in this Rule prohibits the insurer or insurance professional from
				requiring the subject of abuse to pay the full premium for coverage under the
				health benefit plan or from requiring as a condition of coverage that the
				subject of abuse reside or work within the insurer's service area, if the
				requirements are applied to all insureds of the insurer or insurance
				professional. The health carrier or insurance professional may terminate group
				coverage after the continuation coverage required by this subsection has been
				in force for 18 months, if it offers conversion to an individual plan as
				provided in Part 2 of Article 53 of Chapter 58 of the General Statutes. The
				continuation coverage required by this section shall be satisfied by coverage
				required under P.L.
				99-272, the Consolidated Omnibus Budget
				Reconciliation Act (COBRA) of 1985, or under state continuation coverage
				required under Part 1 of Article 53 of Chapter 58 of the General Statutes, and
				is not intended to be in addition to coverage provided under COBRA or state
				continuation. Nothing in this Subparagraph is intended to supersede or
				interfere with the provisions of
				G.S.
				58-68-60 when the subject of abuse is an
				"eligible individual" as defined in
				G.S.
				58-68-60(b).
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 12 - LIFE AND HEALTH DIVISION › Section .1800 - PPO BENEFIT PLAN PRODUCT LIMITATIONS › Section 12 .1903 - JUSTIFICATION OF ADVERSE INSURANCE DECISIONS

Current through Register Vol. 39, No. 2, July 15, 2024
An insurer or insurance professional that takes an action
				  that adversely affects an applicant or insured on the basis of a medical
				  condition that the health insurer or insurance professional knows or has reason
				  to know is abuse-related shall explain the reason for its action to the
				  applicant or insured in writing and shall be able to demonstrate that its
				  action, and any applicable plan provision:
(1) Does not have the purpose or effect of
				treating abuse status as a medical condition or underwriting
				criterion;
(2) Is not based upon
				any actual or perceived correlation between a medical condition and
				abuse;
(3) Is otherwise permissible
				by law and applies in the same manner and to the same extent to all applicants
				and insureds with a similar medical condition without regard to whether the
				condition or claim is abuse-related; and
(4) Except for claim actions, is based on a
				determination, made in conformance with sound actuarial principles and
				supported by actual or reasonably anticipated experience, that there is a
				correlation between the medical condition and a material increase in insurance
				risk.
Authority
				  G.S.
				  58-2-40;
				  58-63-65;
Eff. April
				  1, 2010;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0100 - GENERAL PROVISIONS › Section 13 .0101-.0105

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-2-40;
				  58-7.3;
				  58-9;
				  58-9.2;
				  58-35-5(b);
				  58-35-15(a);
				  58-57;
				  58-57.1;
				  66-46;
				  66-48;
				  66-49.13;
				  85C-2;
				  85C-35;
Eff. February
				  1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff.
				  April 8, 2002;
Repealed Eff. October 1,
				  2010.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0200 - COLLECTION AGENCIES › Section 13 .0201-0221

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  66-41.1;
				  66-42.1;
				  66-42.2;
				  66-44;
				  66-46;
Eff. February
				  1, 1976;
Amended Eff. October 26, 1977;
Readopted Eff.
				  January 1, 1978;
Repealed Eff. July 1,
				  1988.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0200 - COLLECTION AGENCIES › Section 13 .0222 - REPEALED - PROHIBITED EMPLOYMENT PRACTICES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  66-46;
Eff. January 1,
				  1978;
Repealed Eff. July 1, 1988.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0302 - PREMIUM FINANCE SURETY BOND AMOUNT

Current through Register Vol. 39, No. 2, July 15, 2024
An "A" type premium finance company, as defined in
				  G.S.
				  58-35-5(e)(1), shall post
				  the surety bond as specified in
				  G.S.
				  58-35-15(a) in an amount
				  equal to one thousand dollars ($1,000) for each five thousand dollars ($5,000)
				  in premium finance accounts receivable or fraction thereof. The accounts
				  receivable shall be determined as of December 31 of the licensing year with a
				  minimum bond of five thousand dollars ($5,000) and a maximum bond of
				  twenty-five thousand dollars ($25,000) required. A "B" type premium finance
				  company, as defined in
				  G.S.
				  58-35-5, shall post the surety bond as
				  specified in
				  General
				  Statute 58-35-15(a) in the
				  amount of twenty-five thousand dollars ($25,000).
Authority
				  G.S.
				  58-2-40;
				  58-35-15(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. April 8, 2002;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0303 - PREMIUM FINANCE LICENSING PROCEDURES

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Applicants must meet minimum qualifications as stated in G.S. 58, Article
				35.
(b) Applicants must submit a
				properly completed "Application for Insurance Premium Finance License" to the
				Division. The following items, where applicable, shall be attached to and made
				a part of the application:
(1) A certified
				copy of the board of directors' resolution that authorized the application to
				be made;
(2) A duly authenticated
				copy of the applicant's articles of incorporation, together with all amendments
				and supplements thereto;
(3) A duly
				authenticated copy of the applicant's by-laws;
(4) If the applicant is a foreign
				corporation, a copy of the certificate of authority to transact business in
				this state issued by the North Carolina Secretary of State;
(5) Certified copy of the current partnership
				agreement;
(6) If a trade name is
				used, a certificate showing that the trade name has been filed as required in
				General
				Statute 66-68;
(7) A surety bond as specified in
				G.S.
				58-35-15(a) and
				11 NCAC
				13 .0302;
(8) Form number DOI-5PF completed on each
				individual specified in
				11 NCAC
				13 .0301;
(9) A sworn statement by a corporate officer,
				partner or individual proprietor giving a detailed description of the premium
				financing procedures to be employed in North Carolina. The detailed description
				should include procedures outlining the execution of a premium finance
				agreement, procedures for payment in full before the maturity of the agreement,
				and cancellation procedures. The cancellation procedures should indicate the
				dates of all notices, and the method of refund to the insured when
				applicable.
(10) Two copies each of
				a proposed Insurance Premium Finance Agreement, rate chart, ten-day notice,
				cancellation notice and all related forms to be mailed or given to North
				Carolina citizens;
(11) A current
				audited financial statement of the premium finance company, prepared by a
				certified public accountant or by a qualified independent accountant who is
				engaged in the public practice of accounting;
(12) Check in the amount of the permit fee as
				specified in
				G.S.
				58-35-5 (made payable to the North Carolina
				Department of Insurance);
(13) Such
				other data and information as the Commissioner may deem reasonably necessary to
				assist him in determining whether the applicant is entitled to the license
				sought;
(14) If the applicant is a
				foreign company it shall appoint and maintain the Commissioner as an agent for
				the service of process on a form prescribed by the Commissioner.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0304 - REPEALED - RENEWAL OF INSURANCE PREMIUM FINANCE LICENSE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-2-40;
				  58-35-15(c);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. April 8, 2002;
Repealed Eff. October 1,
				  2010.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0305 - CANCELLATION OF SURETY BOND

Current through Register Vol. 39, No. 2, July 15, 2024
If the surety bond as specified in
				  G.S.
				  58-35-15(a) is cancelled for
				  any reason during the period a premium finance company holds a valid license
				  from the Department, the licensee shall be notified in writing by the
				  Commissioner that its license is void until such time as a proper surety bond
				  is received by the Department.
Authority
				  G.S.
				  58-2-40;
				  58-35-15(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. April 8, 2002; May 1, 1989;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0306 - FORMS TO BE APPROVED

Current through Register Vol. 39, No. 2, July 15, 2024
All ten-day notices of intent to cancel forms, cancellation
				  notices, additional premium notices, premium finance agreement revision
				  notices, or all other notices or forms mailed or given to North Carolina
				  insureds shall be filed with the Commissioner for approval. Such forms shall
				  not be used in this state until written approval has been given by the
				  Commissioner.
Authority
				  G.S.
				  58-2-40;
				  58-35-45;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. May 1, 1989;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0307 - CHANGE IN OWNERSHIP OR MANAGEMENT AND IN CERTAIN EMPLOYEES

Current through Register Vol. 39, No. 2, July 15, 2024
Each licensee shall furnish all the following information in
				  writing to the Commissioner within 10 days after the occurrence of the
				  event:
(1) form DOI-5PF on each
				stockholder who attains ten percent or more of any class of the licensee's
				outstanding capital stock;
(2) form
				DOI-5PF on each partner, officer or employee acting as office manager or field
				representative who is employed by the licensee; and
(3) the name and address of each partner,
				officer or employee acting as office manager or field representative who is
				terminated or has his status altered by the licensee.
Authority
				  G.S.
				  58-2-40;
				  58-35-30(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0308 - ANALYSIS OF CONTRACTS

Current through Register Vol. 39, No. 2, July 15, 2024
Each person licensed by the North Carolina Department of
				  Insurance under
				  G.S.
				  58-35-15 shall file a regular report entitled
				  "Analysis of Contracts" with the Commissioner along with the annual renewal
				  application required by
				  G.S.
				  58-35-15(c). The analysis of
				  contracts shall be a record of the premium finance company's business for the
				  calendar year (January to December) immediately preceding the filing date. The
				  analysis of contracts form shall be supplied by the commissioner and shall
				  include:
(1) the name and address of
				the licensee;
(2) a list of the
				officers and directors of the licensee;
(3) the number of contracts written by
				month;
(4) the total premium for
				written contracts by month;
(5) the
				total down payment on contracts by month;
(6) the total principal balance of contracts
				by month; and
(7) the total service
				charges pertaining to written contracts by month.
Authority
				  G.S.
				  58-2-40;
				  58-35-15;
				  58-35-30(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. March 1, 2012; May 1, 1989;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0309 - REPEALED - QUARTERLY REPORT

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  58-2-40;
				  58-35-30;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. May 1, 1989;
Repealed Eff. October 1,
				  2010.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0310 - BOOKS AND RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
Each licensee shall keep and maintain the following records,
				  separate and apart from any other business, so as to be readily available for
				  inspection by the Commissioner, or an employee designated by the
				  Commissioner:
(1) a copy of each
				premium finance agreement entered into by the licensee and all original
				documents relating thereto; All such records shall have a common identifying
				number (agreement or contract number);
(2) an account card, ledger, register, or
				combination of records containing a summary of each premium finance agreement
				which shall contain:
(a) the date of the
				agreement;
(b) the name of the
				insured;
(c) the identifying
				number;
(d) the principal
				balance;
(e) the amount of service
				charge;
(f) the time
				balance;
(g) number and amount of
				payments due from the insured;
(h)
				date and amount of payments received from the insured;
(i) date and amount of return premium
				received from an insurance company;
(j) date, amount and check number of any
				refund returned to an insured;
(k)
				date the 10 day written notice of intent to cancel, required under
				G.S.
				58-35-85(1), was mailed to
				the insured; and
(l) copy of form
				number DOI-6PF, if applicable;
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0311 - BRANCH OFFICE PERMIT

Current through Register Vol. 39, No. 2, July 15, 2024
An insurance premium finance branch office license shall be
				  required for each location (other than the home office) at which any books,
				  records or files of the licensee are kept. No branch office license shall be
				  required if all records are transmitted to the home office each business
				  day.
Authority
				  G.S.
				  58-2-40;
				  58-35-5(e);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0312 - SALE, ASSIGNMENT OR TRANSFER OF PREMIUM FINANCE AGREEMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
A licensee shall not sell or transfer any ownership of any
				  insurance premium finance agreement or power of attorney to cancel an insurance
				  contract unless the terms and conditions of sale or transfer have been approved
				  in writing by the Commissioner. (This is not intended to restrict the sales or
				  transfer of stock certificates.) The Commissioner shall be notified by the
				  licensee at the time any insurance premium finance agreement containing a power
				  of attorney to cancel a contract of insurance is assigned or pledged to a
				  creditor of the licensee.
Authority
				  G.S.
				  58-2-40;
				  58-35-40(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0313 - ADDITIONAL BALANCES ADDED TO FINANCE AGREEMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
Any additional balances may be added to a premium finance
				  agreement unless the original or subsequent agreement specifically does not
				  authorize such additions.
Authority
				  G.S.
				  58-2-40;
				  58-35-50(a);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. May 1, 1989;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0314 - ADDITIONAL BALANCES ADDED TO FINANCE AGREEMENTS: 60 DAYS

Current through Register Vol. 39, No. 2, July 15, 2024
All additional premiums on insurance contracts or all
				  additional insurance contracts added to a premium finance agreement less than
				  60 days after the date of the premium finance agreement shall be added as if
				  the additional balance had been known at the time the premium finance agreement
				  was entered into. The additional service charge, if any, shall be the
				  difference between the service charge shown on the premium finance agreement
				  and the amount of service charge that would have been allowed under the
				  licensee's approved rate chart.
Authority
				  G.S.
				  58-2-40;
Eff. February 1,
				  1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0315 - ADDITIONAL BALANCES ADDED TO AGREEMENT AFTER 60 DAYS

Current through Register Vol. 39, No. 2, July 15, 2024
Any additional premiums on insurance contracts or additional
				  insurance contracts added to a premium finance agreement 60 days or more after
				  the date of the agreement (but prior to the expiration of the agreement) may be
				  added with an additional service charge computed on the principal balance at a
				  rate not exceeding twelve dollars ($12.00) per one hundred dollars ($100.00)
				  per annum from the inception date of the additional insurance contract or the
				  due date of the additional premium, to and including the date when the final
				  installment of the premium finance agreement is payable. The service charge on
				  an additional balance shall not begin more than 30 days prior to the advance of
				  the additional monies by the premium finance company.
Authority
				  G.S.
				  58-2-40;
				  58-35-55;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. July 1, 1986;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0316 - ADDITIONAL BALANCE NOTICE TO INSURED

Current through Register Vol. 39, No. 2, July 15, 2024
When a premium finance agreement provides for the financing
				  of additional balances and such additional balances are added to the agreement
				  by the licensee, a notice of the additional balance shall be mailed to the
				  insured, at his last known address as shown on the agreement, by the licensee.
				  The notice shall be mailed prior to the next payment due date and include an
				  explanation of the amount added, the service charge added, the new balance
				  payable by the insured, the number of payments required, the amount of each
				  payment, the date each payment is due and all other pertinent
				  information.
Authority
				  G.S.
				  58-2-40;
Eff. February 1,
				  1976;
Readopted Eff. January 1, 1978;
Amended Eff. May
				  1, 1989;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0317 - TEN-DAY NOTICE

Current through Register Vol. 39, No. 2, July 15, 2024
The ten-day written notice of intent to cancel as described
				  in G.S.
				  58-35-85(1) shall include
				  the name and address of the premium finance company, the premium finance
				  agreement number, the date the notice is delivered or
				  sent
,
and the amount of the installment in default. A
				  copy of the ten-day notice, or a listing of delinquent insureds showing the
				  same general information shall be sent to the insurance agent shown on the
				  premium finance agreement at the same time notice is given to the
				  insured.
Authority
				  G.S.
				  58-2-40;
				  58-35-85(1);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. April 1, 1996; May 1, 1989;
Temporary Amendment Eff.
				  December 1, 1999;
Amended Eff. July 1, 2000;
Pursuant
				  to G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0318 - NOTICE OF CANCELLATION

Current through Register Vol. 39, No. 2, July 15, 2024
The notice of cancellation as described in
				  G.S.
				  58-35-85(2) shall be signed
				  by the owner or an officer of the premium finance company (the owner or
				  officer's facsimile signature may be used), shall have in bold print at its top
				  the wording "Notice of Cancellation" and shall include the name and address of
				  the insured; the name and address of the insurance company; the name and
				  address of the premium finance company; the insurance company policy number; a
				  certification that the ten-days notice of intent to cancel has been furnished
				  to the insured; the authority under which the policy is to be canceled; the
				  date the notice of cancellation is delivered or sent to the insured and to the
				  insurance company; the effective date of cancellation; and a notice stating,
				  "If automobile liability insurance is included, you are cautioned that
				  financial responsibility is required to be maintained continuously throughout
				  the registration period and that operation of a motor vehicle without
				  maintaining such financial responsibility is a misdemeanor, the penalty for
				  which is loss of registration plate, and fine or imprisonment, in accordance
				  with the motor vehicle laws of the State of North Carolina as they may be
				  amended from time to time".
Authority
				  G.S.
				  58-2-40;
				  58-35-85(2);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. December 1, 1993; September 1, 1991; May 1, 1989; July 1,
				  1986;
Temporary Amendment Eff. December 1, 1999;
Amended Eff. July 1, 2000;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0319 - EFFECTIVE DATE OF CANCELLATION

Current through Register Vol. 39, No. 2, July 15, 2024
When an insurance premium finance company cancels an
				  insurance policy by using a power of attorney signed by the insured, the
				  effective date of cancellation as stated in the notice of cancellation shall be
				  no earlier than the date the notice of cancellation is sent to the insurance
				  company.
Authority
				  G.S.
				  58-2-40;
				  58-35-85(2);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Amended Eff. February 1, 1996; December 1, 1993; September 1, 1991;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0320 - INSTALLMENT PAYMENTS MADE BY INSURED

Current through Register Vol. 39, No. 2, July 15, 2024
If an insurance premium finance company allows or authorizes
				  an insurance agent, broker or any other representative to accept installment
				  payments from the insured or if the premium finance company accepts installment
				  payments made by the insured from an insurance agent, broker or any other
				  representative, payment to the insurance agent, broker or any other
				  representative shall be considered as payment to the premium finance company as
				  of the date the installment payment was accepted by the insurance agent, broker
				  or any other representative.
Authority
				  G.S.
				  58-2-40;
				  58-35-50;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0321 - SIGHT DRAFT AND CHECK FORMS

Current through Register Vol. 39, No. 2, July 15, 2024
The Department will not approve the use of sight draft or any
				  check forms that are placed in the hands of the insurance agents unless they
				  are made payable only to a licensed or authorized insurance company. Such sight
				  draft or check forms shall not be used unless they have been filed with and
				  written approval given by the Commissioner.
Authority
				  G.S.
				  58-2-40;
				  58-35-45;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.
North Carolina Administrative Code › Title 11 - INSURANCE › Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES › Section .0300 - INSURANCE PREMIUM FINANCE COMPANIES › Section 13 .0322 - INSURANCE COMPANY NOTIFIED OF FINANCED POLICY

Current through Register Vol. 39, No. 2, July 15, 2024
The licensee shall give notice to the insurance company
				  affected when an unearned premium has been assigned by the insured. The premium
				  finance company may give the notice directly to the insurance company or
				  instruct and supervise the insurance agent in giving all such
				  notices.
Authority
				  G.S.
				  58-2-40;
				  58-35-30(a);
				  58-35-90;
Eff.
				  February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. June 25,
				  2016.