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Title: Insurance Premium Finance Company License
Alternate Title:
Description: No person other than a savings association, bank, savings bank, trust company, regulated lender, industrial loan and thrift company, credit union or resident insurance agent who, within 15 days after entering into an insurance premium finance agreement, transfers such agreement to a licensee or to any of the organizations exempt under this subdivision may engage in the business of entering into, acquiring or holding insurance premium finance agreements unless licensed to do so by the commissioner. See Minn. Stat. § 59A.01 - .15, the Insurance Premium Finance Company Act. Minnesota Department of Commerce
Subject: Financial Institutions
Insurance
Insurance Professionals
Creation Date: 9/15/2008 10:02:05 AM
Modification Date: 10/3/2019 11:11:24 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description: The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1600
800-857-3602
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500

St. Paul
MN
55101
Division Name: Financial Institutions Division
Division URL:
Division Description:
Division Phone: Division Fax: Division URL:
Audience: Application URL: https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MN
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:

Premium Finance

Premium finance companies exist to finance non-business insurance premiums generated from licensed insurance agents at rates specified in Minn. Stat. § 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 -see New Application Checklist (Company) 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 Minn. Stat. Chapter 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.


Review:

Premium Finance

Requirements Checklist


Rules:
Statutes: 59A

Forms:
Fees:

Application fee - $250

Annual license fee - $200


Period of Issuance:

Expire annually on May 31.


Length of Determination: 30-60 days.
Other Info:
Activity: License Detail URL:

Premium Finance

License Lookup Directory

Minnesota Department of Commerce


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