81-21-27 - Exclusions from coverage of chapter.
§ 81-21-27. Exclusions from coverage of chapter.
This chapter shall not apply to:
(a) The financing of insurance premiums by any seller who sells goods or services pursuant to an installment sales contract in which a time price differential is charged, or to any savings and loan association, savings bank, bank, trust company, finance company, credit union or mortgage company;
(b) Any insurance company, association or exchange authorized to do business in this state which solely finances the insurance premiums for its insurance policies, or a subsidiary of an authorized insurer admitted in this state or a corporation under substantially the same management or control as an admitted insurer or group of insurers, where such subsidiary, managed or controlled company is engaged in the business of financing insurance premiums on policies issued only by its parent insurer or affiliated group of insurers; and
(c) Any insurance agent or producing agent licensed to do business in this state who finances premiums on policies solely written by such agent or producing agent.
Sources: Laws, 1992, ch. 569, § 14; Laws, 1997, ch. 332, § 7, eff from and after passage (approved March 17, 1997).