Premium finance companies exist to finance non-business insurance premiums generated from licensed insurance agents at rates specified in Minnesota Statute §59A. Commercial or business premium financing is not subject to financing. Licensing is required in Minnesota and information is available below.
Complete the Insurance Premium Finance Application (.pdf) and review the Annual Report (.pdf)
$250 application fee, plus $200 annual license fee (total $450).
Provide certified copies of the following documents:
Statement of applicant and statement of financial condition completed by each individual applicant, partner, stockholder, director, officer and manager.
Provide a copy of the premium finance agreement, rate chart, 10 day notice of intent to cancel, notice of cancellation, and all other related forms.
Provide evidence of current workers' compensation insurance.
Changes to the License
If a name and/or address change is proposed, please call 651-539-1705 for procedures.