§ 1622. Premium finance agreement defined
“Premium finance agreement” means a promissory note or other written agreement by which an insured promises or agrees to pay to, or to the order of, a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent, in payment of premiums on an insurance […]
§ 1623. License required
(a) No person shall engage in the business of a premium finance company unless licensed by the Commissioner of Insurance. Every premium finance company under the provisions of this chapter shall maintain at all times a net worth of $100,000. However, in lieu of having a net worth of $100,000, a premium finance company may […]
§ 1624. Levy on deposit
No judgment creditor or other claimant of a premium finance company shall have the right to levy upon any of the assets or securities held in the Territory as a deposit under section 1623 of this title.