The North Carolina Premium Finance Company Bond is required by the North Carolina, Department of Insurance, Agent Services Division for all who wish to be licensed premium finance company in the state. An insurance premium finance company is any person engaged in the business of entering into insurance premium finance agreements or in the business of acquiring insurance premium finance agreements from other insurance premium finance companies.
There are two types of license, “A” is issued to insurance premium finance companies whose business of insurance premium financing is limited to the financing of insurance premiums of one insurance agent or agency and whose primary function is to finance only the insurance premium of such agent or agency. License type “B” is 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 agent or agency and whose primary function is to finance the insurance premiums of more than one insurance agent or agency.
What is the purpose of the Premium Finance Bond?
The bond states that the bondholder will conduct such business in full compliance with the provisions of the laws of the State of North Carolina and the rules and regulations prescribed by the Commissioner of Insurance pursuant to the law pertaining to Insurance Premium Finance Companies. The bond amount varies, but it should not exceed the amount of $25,000.
How do I obtain a North Carolina Premium Finance Company Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.