Amends GS 58-33-30 to allow a licensed insurance producer who does not hold a broker's license to act as an insurance broker if: (1) the individual is employed by a business entity licensed as an insurance producer; (2) the employing business entity has no more than six employees acting as insurance brokers without a broker's license at any time; and (3) the employing business entity files with the Insurance Commissioner a bond that meets all the requirements of GS 58-33-30(f)(1) (which sets out requirements for the bond, including that it be in the amount of $15,000) for any individual under its employ who is acting as an insurance broker without a broker's license.
Amends GS 58-33-125 by increasing the annual broker licensing fee (both nonresident and resident) from $50 to $65.
Effective July 1, 2021.
EMPLOYMENT BASED BROKERAGE ACTIVITY.
Printer-friendly: Click to view
View NCGA Bill Details | 2021 |
AN ACT ALLOWING INDIVIDUALS UNDER THE EMPLOY OF A LICENSED BUSINESS ENTITY TO ACT AS INSURANCE BROKERS WITHOUT A BROKER'S LICENSE.Intro. by Johnson, Sawyer, Burgin.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 1 2021)
Bill History:
-
Wed, 31 Mar 2021 Senate: Filed
-
Thu, 1 Apr 2021 Senate: Passed 1st Reading
-
Thu, 1 Apr 2021 Senate: Ref To Com On Rules and Operations of the Senate
S 420
Bill Summaries:
-
Bill S 420 (2021-2022)Summary date: Mar 31 2021 - View Summary
View: All Summaries for Bill