North Carolina Insurance Regulations
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Last updated 8:26 PM on 6/16/23
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28 Terms
1
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4 years
Commissioner's term of office
2
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5 years
Insurers and agents must maintain a log of complaints
3
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30 Days
To apply for a hearing, after a license is denied
4
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18 Years of age
Age to apply for license
5
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20 hours
Required prelicensing education for agent's license
6
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10 hours
Required prelicensing education for Medicare supplement and long-term care license
7
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180 days
Term of temporary license
8
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15 days
To submit appointment notification to the Commissionser
9
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30 Days
For insurer to notify the Commissioner of agent appointment termination
10
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15 Days
For insurer to notify the agent of appointment termination
11
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15 Days
For insurer to supply proof of loss forms after receiving notice of loss
12
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30 Days
To supply access to recorded personal information, after written request
13
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10 Days
For a licensee to notify the Commissioner of any change of address or e-mail address
14
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10 Days
For a licensee to notify the Commissioner of any criminal convictions
15
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24 Hours
CE required for all licenses, every 2 years (based on birth month and year)
16
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3 Hours
Ethics CE Requirement (each compliance period)
17
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3 Hours
Flood Insurance CE Requirement (every other compliance period) - for Property, Personal Lines, and Adjusters
18
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$100-$1,000
Initial fine for violating
19
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$1,000-$5,000
Fine for willfully violating a cease and desist order
20
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$10,000-$50,000
Fine for violating the insurance code following following the issuance of the cease and desist letter
21
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$15,000
Broker's bond
22
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$2,000-MAX: $10,000
Fine for willfully making false statements
23
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$50
License Registration Fee
24
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$1,000- MAX: $5,000
Fine for soliciting membership in an unlawful fraternal benefit society
25
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$300,000
The maximum amount of the Association liability to one individual for basic (unless basic hospital, medical, and surgical, insurance or major medical insurance)
26
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$500,000
The maximum amount of the Association liability to one individual for basic hospital, medical, and surgical insurance or major medical insurance
27
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$5,000,000
The maximum amount of the Association liability to one contract holder covered by an unallocated annuity
28
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$50
Administrative fee for failing to notify the Commissioner of change in residential or e-mail address within 10 business days
