AN ACT allowing individuals under the employ of a licensed business entity to act as insurance brokers without a broker's license.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 58‑33‑30 is amended by adding a new subsection to read:

(f1)     Brokerage Activity by Individuals Employed by Licensed Business Entity. – Notwithstanding the provisions of G.S. 58‑33‑30(f), an individual who is licensed as an insurance producer under G.S. 58‑33‑31(a) but does not hold a broker's license may act as an insurance broker under this Chapter if the following conditions are met:

(1)        The individual is employed by a business entity licensed as an insurance producer under G.S. 58‑33‑31(b).

(2)        The employing business entity has no more than six employees acting as insurance brokers without a broker's license at any time.

(3)        The employing business entity files with the Commissioner a bond that meets all the requirements of G.S. 58‑33‑30(f)(1) for any individual under its employ who is acting as an insurance broker without a broker's license.

SECTION 2.  G.S. 58‑33‑125(a) reads as rewritten:

(a)      The following table indicates the annual fees that are required for the respective licenses issued, renewed, or cancelled under this Article and Article 21 of this Chapter:

Adjuster................................................................................................ $75.00

Adjuster, crop hail only.......................................................................... 20.00

Agent appointment cancellation (paid by insurer)................................. 10.00

Agent appointment, individual............................................................... 10.00

Agent appointment, Medicare supplement and long‑term care, individual.......................................................................................... 10.00

Agent, overseas military......................................................................... 20.00

Broker, nonresident................................................................................ 50.0065.00

Broker, resident...................................................................................... 50.0065.00

Business entity...................................................................................... 100.00

Limited representative............................................................................ 20.00

Limited representative cancellation (paid by insurer)............................ 10.00

Motor vehicle damage appraiser............................................................ 75.00

Surplus lines licensee, corporate.......................................................... 100.00

Surplus lines licensee, individual........................................................... 50.00

SECTION 3.  This act becomes effective July 1, 2021.