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Premium Finance

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.

License Requirements

  • 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:

    • Board of Director's meeting authorizing the application
    • Articles of Incorporation with amendments
    • Certificate of authority to transact business in the state, if a foreign corporation
    • Certificate of authority to transact business in the state of Minnesota 
    • Corporate bylaws
    • Current partnership agreement
    • Current limited liability company certificate
    • Assumed name certificate
  • 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.

Renewal

  • Licenses issued under Minnesota Statute §59A expire annually on May 31.

  • Renewal notices will be sent to licensees at the address on record in April of each year.

  • $200 renewal fee.

Changes to the License

If a name and/or address change is proposed, please call 651-539-1705 for procedures.

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