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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: 8/15/2024 5:47:32 PM
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: 651-539-1500
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
Renewal URL: https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx
Versa URL:
Requirements:

Review Premium Financing

Premium finance companies exist to finance non-business insurance premiums generated from licensed insurance agents at rates specified in Minn. Stat. Chapter 59A

Commercial or business premium financing is not subject to financing. Licensing is required in Minnesota.

License Requirements

 Minnesota uses the Nationwide Multistate Licensing System (NMLS). Company/business applying for an insurance premium finance license are required to use the NMLS. Application requirements can be found on the NMLS site, but some key ones include:

  • $250 application fee, plus $200 annual license fee (total $450).
  • 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.

Renewal

  • Licenses issued under Minn. Stat. § 59A expire annually on May 31.
  • Renewal notices will be sent to licensees at the address on record in April of each year.
  • Renewal is done through the NMLS.

Changes

If a name and/or address change is proposed, information required is available on NMLS.


Rules:
Statutes: 59A

Forms:

New Application Checklist (Company) 

Annual Report

Go to NMLS


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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