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Annual Statement Form:

The Agent Services Division has filed an administrative code rule revision to 11 NCAC 13.0308 Annual Statement with the Rules Review Commission. The proposed rule change eliminates the requirement for an annual statement to be filed annually by March 1 and instead requires that the Premium Finance Company submit a new form called “Analysis of Contracts”. This Analysis of Contracts form is required to be submitted along with the Premium Finance Company renewal application required by 11 NCAC 13.0304 and is due to Agent Services Division by May 15 annually.

This change was recommended to the Agent Services Division for the following reasons:

  1. Eliminate concerns with duplicate reporting of information by Premium Finance Companies in the renewal application.
  2. Eliminate confusion with the different reporting timing with the Annual Statement being due by March 1 and a Premium Finance Company renewal application due May 15.

The proposed effective date for this rule change is March 1, 2012 so Premium Finance Companies are not required to file the annual statement by March 1, 2012.

Check the Status of your Premium Finance Company Application