13 .0302 - PREMIUM FINANCE SURETY BOND AMOUNT

13 .0302. PREMIUM FINANCE SURETY BOND AMOUNT

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.)

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