Insurance broker bond cost
The North Carolina Department of Insurance requires insurance brokers to post a surety bond in the amount of $15,000 before commencing business operations.
Why this bond?
By purchasing an insurance broker bond in North Carolina, the principal (broker) pledges that his or her duties will be completed in compliance with the terms stated in the North Carolina General Statutes 58-33-25 and 58-33-30. Specifically, this bond ensures that the broker will fulfill all contracts entered into with clients and handle all monies and insurance policies ethically and lawfully.
Insurance broker bond details
North Carolina insurance broker bonds remain in effect during the term of the license. If the surety chooses to terminate the bond, 30 days’ notice prior to cancellation must be given to the state. The notice must be submitted in writing and filed with the Commissioner and the licensee.
The applicant’s social security number and national producer number (NPN) must be on the surety bond form.
Become an insurance broker
In addition to posting a surety bond, applicants in North Carolina must be licensed to legally do business as an insurance broker. To become a licensed insurance broker, applicants must:
- Submit a license application
- Complete the special education, training or experience of sufficient duration
- Furnish evidence of satisfactory completion of at least 20 hours of instruction for each license desired
- Take the designated examination required by the commissioner
- And more
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- N.C. Department of Insurance Broker Insurance Bond Form
- N.C. Department of Insurance: How to Obtain a License
- N.C. Department of Insurance: Guide for Insurance Licensing
- Article 33. Licensing of Agents, Brokers, Limited Representatives, and Adjusters
- North Carolina General Assembly 58-33-30 License requirements
- North Carolina General Assembly North Carolina General Statutes Chapter 58: Insurance
- North Carolina 58-9-11 Broker and insurer transactions