§ 58-6-7. Licenses; perpetual licensing; annual license continuation fees for insurance companies.
§ 58‑6‑7. Licenses; perpetual licensing; annual license continuation fees for insurancecompanies.
(a) In order to dobusiness in this State, an insurance company shall apply for and obtain alicense from the Commissioner. The license shall be perpetual and shallcontinue in full force and effect, subject to timely payment of the annuallicense continuation fee in accordance with this Chapter and subject to anyother applicable provision of the insurance laws of this State. The insurancecompany shall pay a fee for each year the license is in effect, as follows:
Foreach domestic farmer's mutual assessment fire insurance company............ $..................................................................................................................... 25.00
Foreach fraternal order................................................................................. ..................................................................................................................... 500.00
For each of all other insurance companies, exceptmutual burial associations taxed under G.S.105‑121.1.................................................................................... ..................................................................................................................... 2,500.00
The fees levied in thissubsection are in addition to those specified in G.S. 58‑6‑5.
(b) Repealed by SessionLaws 2005‑424, s. 1.2, effective January 1, 2006, and applicable toapplications filed, licenses issued, and licenses continued on or after thatdate.
(c) Upon payment of thefee specified above and the fees and taxes elsewhere specified, each insurancecompany, exchange, bureau, or agency, shall be entitled to do the types ofbusiness specified in Chapter 58, of the General Statutes of North Carolina asamended, to the extent authorized therein. All fees and charges collected bythe Commissioner under this Chapter are nonrefundable.
(d) Any rating bureauestablished by action of the General Assembly of North Carolina shall be exemptfrom the fees in this section. (1945, c. 752, s. 2; 1947, c. 501, s. 8; 1955, c.179, s. 5; 1989 (Reg. Sess., 1990), c. 1069, s. 4; 1993, c. 495, s. 4; 1993(Reg. Sess., 1994), c. 745, s. 12; 1995, c. 193, s. 65; c. 360, s. 1(c); c.507, s. 11A(c); 1999‑435, s. 2; 2003‑212, s. 26(c); 2005‑424,s. 1.2; 2009‑451, s. 21.11(b).)