§ 1676. Capital funds required
(a) Any person applying for a certificate of authority under section 1675 of this title shall possess unimpaired paid-in capital or paid-in capital stock, if a stock association, or unimpaired surplus, if a foreign mutual or foreign reciprocal association, or a net trust fund, if a business trust association, in an amount not less than […]
§ 1640. Statement of account; receipts
(a) At any time after the execution of a premium finance agreement, but not later than 1 year after the last payment, the premium finance company holding the premium finance agreement shall, upon written request of the insured, give or mail to him a written statement of the dates and amounts of payments and the […]
§ 1641. Extensions or deferrals
A premium finance company may, upon agreement with the insured, extend the scheduled due date or defer the scheduled payment of all or any part of any installment or installments payable thereunder. The agreement for such extension or deferment must be in writing and signed by the parties. The premium finance company may charge and […]
§ 1642. Cancellation of insurance contract upon default
When a premium finance agreement contains a power of attorney or other authority enabling the premium finance company to cancel any insurance contract listed in the agreement, the insurance contract shall not be cancelled unless cancellation is in accordance with the following provisions: (1) Not less than 15 days written notice shall be mailed to […]
§ 1643. Fees
The Commissioner shall collect in advance the following fees: (1) Annual license (A) Issuance $250.00 (B) Renewal 200.00 (2) Investigation of Applicant 100.00 (3) Filing of Annual Report 25.00 (4) Filing of Forms 25.00
§ 1671. Definitions
(a) “Ambulance service association” or “association” means any person issuing ambulance service contracts as defined in this section, other than an authorized insurer. (b) “Ambulance service contract” or “preened [sic] ambulance service contract” means any contract or agreement whereby, for an agreed premium or specified consideration or indemnify the contract or agreement holder from any […]
§ 1637. Restrictions on premium finance agreements
No premium finance agreement or contract ancillary thereto shall contain any provision by which: (1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; (2) A power of attorney is […]
§ 1638. Delivery of copy of premium finance agreement
Before the due date of the first installment payable under a premium finance agreement, the premium finance company holding the agreement or the insurance agent shall deliver to the insured, or mail to him at his address as shown in the agreement, a copy thereof or, if the agreement contained any blank space when it […]
§ 1639. Assignment of premium finance agreement
(a) A premium finance company may purchase or otherwise acquire a premium finance agreement from another premium finance company with recourse against the other premium finance company on such terms and conditions as may be mutually agreed upon. (b) No filing of an assignment or notice to the insured shall be necessary as to the […]
§ 1630. Licensee’s books and records; reports
(a) The licensee shall keep and use in his business such books, accounts, and records as will enable the Commissioner to determine whether the licensee is complying with the provisions of this chapter and with the regulations pertaining thereto. Every licensee shall preserve books, accounts, and records, including cards used in a card system, if […]