North Carolina § 58-6-7 - Licenses; perpetual licensing; annual license continuation fees for insurance companies.

§ 58-6-7. Licenses; perpetual licensing; annual license continuation fees for insurance companies.

In order to do business in this State, an insurance company shall apply for and obtain a license from the Commissioner. The license shall be perpetual and shall continue in full force and effect, subject to timely payment of the annual license continuation fee in accordance with this Chapter and subject to any other applicable provision of the insurance laws of this State. The insurance company shall pay a fee for each year the license is in effect, as follows: Repealed by Session Laws 2005-424, s. 1.2, effective January 1, 2006, and applicable to applications filed, licenses issued, and licenses continued on or after that date. Upon payment of the fee specified above and the fees and taxes elsewhere specified, each insurance company, exchange, bureau, or agency, shall be entitled to do the types of business specified in Chapter 58, of the General Statutes of North Carolina as amended, to the extent authorized therein. All fees and charges collected by the Commissioner under this Chapter are nonrefundable. Any rating bureau established by action of the General Assembly of North Carolina shall be exempt from the fees in this section. For each domestic farmer's mutual assessment fire insurance company ............ $ 25.00 For each fraternal order ............ 500.00 For each of all other insurance companies, except domestic mutual burial associations ............ 2,500.00 The fees levied in this subsection are in addition to those specified in G.S. 58-6-5 . History (1945, c. 752, s. 2; 1947, c. 501, s. 8; 1955, c. 179, s. 5; 1989 (Reg. Sess., 1990), c. 1069, s. 4; 1993, c. 495, s. 4; 1993 (Reg. Sess., 1994), c. 745, s. 12; 1995, c. 193, s. 65; c. 360, s. 1(c); c. 507, s. 11A(c); 1999-435, s. 2; 2003-212, s. 26(c); 2005-424, s. 1.2; 2009-451, s. 21.11(b); 2016-5, s. 1.1(b).) Editor's Note. - This section is former G.S. 105-228.4 , as recodified by Session Laws 1995, c. 360, s. 1(c). The historical citation from the former section has been added to this section as recodified. Effect of Amendments. - Session Laws 2005-424, s. 1.2, effective January 1, 2006, and applicable to applications filed, licenses issued, and licenses continued on or after that date, deleted "Except as provided in subsection (b) of this section " at the beginning of the last sentence in the first paragraph of subsection (a); increased the fee for fraternal orders from 100.00 to 500.00 and for all other insurance companies except mutual burial associations from 1,000.00 to 1,500.00; repealed former subsection (b), which read: "When the paid-in capital stock or surplus, or both, of an insurance company, other than a farmer's mutual assessment company or a fraternal order, does not exceed one hundred thousand dollars ($100,000), the fee levied in this section shall be one-half the amount specified. "; and rewrote subsection (c). Session Laws 2009-451, s. 21.11(b), effective August 15, 2009, substituted "2,500.00" for "1,500.00" in subsection (a). Session Laws 2016-5, s. 1.1(b), effective for taxes due on or after April 1, 2017, in subsection (a), substituted "except domestic mutual burial associations" for "except mutual burial associations taxed under G.S. 105 121.1" in the third entry in the table. § 58-6-10: Repealed by Session Laws 1999-132, s. 1.1, effective June 4, 1999.