58-33-90. Rebate of premiums on credit life and credit accident and health insurance; retention of funds by agent.
It shall be unlawful for any insurance carrier, or officer, agent or representative of an insurance company writing credit life and credit accident and health insurance, as defined in G.S. 58-58-10 and G.S. 58-51-100, or combination credit life, accident and health, hospitalization and disability insurance in connection with loans, to permit any agent or representative of such company to retain any portion of funds received for the payment of losses incurred, or to be incurred, under such policies of insurance issued by such company, or to pay, allow, permit, give or offer to pay, allow, permit or give, directly, or indirectly, as an inducement to insurance, or after insurance has been effected, any rebate, discount, abatement, credit or reduction of the premium, to any loan agency, insurance agency or broker, or to any creditor of the debtor on whose account the insurance was issued, or to any person, firm or corporation which received a commission or fee in connection with the issuance of such insurance: Provided, that this section shall not prohibit the payment of commissions to a licensed insurance agent or agency or limited representative on the sale of a policy of credit life and credit accident and health insurance, or combination credit life, accident and health, hospitalization and disability insurance in connection with loans.
It shall be unlawful for any agent, agency, broker, limited representative, or insured named in any such policy, or for any loan agency or broker, or any agent, officer or employee of any loan agency or broker to receive or accept, directly or indirectly, any such rebate, discount, abatement, credit or reduction of the premium as set out in this section. (1987, c. 629, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 33 - Licensing of Insurance Producers, Limited Representatives, and Adjusters.
§ 58-33-15 - Restricted license for overseas military agents.
§ 58-33-17 - Limited license for rental car companies.
§ 58-33-18 - Limited license for self-service storage companies.
§ 58-33-19 - Limited lines travel insurance.
§ 58-33-26 - General license requirements.
§ 58-33-27 - Claims handling for portable consumer electronic devices.
§ 58-33-30 - License requirements.
§ 58-33-31 - Application for license.
§ 58-33-32 - Interstate reciprocity in producer licensing.
§ 58-33-40 - Appointment of agents.
§ 58-33-46 - Suspension, probation, revocation, or nonrenewal of licenses.
§ 58-33-48 - Criminal history record checks.
§ 58-33-50 - Notices; loss of residency; duplicate licenses.
§ 58-33-56 - Notification to Commissioner of termination.
§ 58-33-60 - Countersignature and related laws.
§ 58-33-66 - Temporary licensing.
§ 58-33-70 - Special provisions for adjusters and motor vehicle damage appraisers.
§ 58-33-75 - Twisting with respect to insurance policies; penalties.
§ 58-33-76 - Referral of business to repair source; prohibitions.
§ 58-33-80 - Discrimination forbidden.
§ 58-33-85 - Rebates and charges in excess of premium prohibited; exceptions.
§ 58-33-95 - Agents personally liable; representing unlicensed company prohibited; penalty.
§ 58-33-100 - Payment of premium to insurance producer valid; obtaining by fraud a crime.
§ 58-33-105 - False statements in applications for insurance.
§ 58-33-110 - Insurance producers signing certain blank policies.
§ 58-33-115 - Adjuster acting for unauthorized company.
§ 58-33-130 - Continuing education program for licensees.
§ 58-33-132 - Qualifications of instructors.