Requirement of License for Transaction of Business; Fees; Change of Address; Examination of Applicants

  1. Law
  2. Georgia Code
  3. Insurance
  4. Insurance Premium Finance Companies
  5. Requirement of License for Transaction of Business; Fees; Change of Address; Examination of Applicants

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  1. No person shall engage in the business of financing insurance premiums in this state without first having obtained a license as a premium finance company from the Commissioner.
  2. The annual license fee shall be as provided in Code Section 33-8-1. Licenses may be renewed from year to year as of March 1 of each year upon payment of the fee as provided in Code Section 33-8-1.The fee for said license shall be paid to the Commissioner for use by the state.
  3. Before any licensee changes his or her address, he or she shall inform the Commissioner of the change in writing.
  4. Subject to the penalties of perjury, the person to whom the license or the renewal of the license may be issued shall file sworn answers to such interrogatories as the Commissioner may require. The Commissioner shall have authority at any time to require the applicant fully to disclose the identity of all stockholders, partners, officers, and employees, and he may in his discretion refuse to issue or renew a license in the name of any firm, partnership, or corporation if he is not satisfied that any officer, employee, stockholder, or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.
  5. Any person who shall engage in the business of financing insurance premiums in this state without obtaining a license as provided in this Code section shall, upon conviction, be subject to a fine of not more than $1,000.00.

(Ga. L. 1969, p. 561, § 4; Ga. L. 1975, p. 1234, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1992, p. 2725, § 21; Ga. L. 2002, p. 1192, § 2.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, §§ 42, 43.

C.J.S.

- 44 C.J.S., Insurance, §§ 77et seq.

ALR.

- Failure to procure occupational or business license or permit as affecting validity or enforceability of contract, 30 A.L.R. 834; 42 A.L.R. 1226; 118 A.L.R. 646.

Single or isolated transactions as falling within provisions of commercial or occupational licensing requirements, 93 A.L.R.2d 90.


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