Bill Summaries: S420 (2021)

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  • Bill S 420 (2021-2022)
    Summary date: Mar 31 2021 - View summary

    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.
    Business and Commerce, Insurance, Occupational Licensing
    GS 58

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