A nonresident may be licensed as an insurance broker by the director or his designee if the following requirements are met:
(1) filing an application on a form prescribed by the director or his designee;
(2) paying a biennial license fee of two hundred dollars fully earned when received, not refundable;
(3) an aggrieved person may institute an action in the county of his residence against the broker to recover damages. A copy of the summons and complaint in the action must be served on the director, who is not required to be made a party to the action;
(4) paying the department, within thirty days after March thirty-first, June thirtieth, September thirtieth, and December thirty-first each year, the broker's premium tax rate upon premiums for policies of insurers not licensed in this State. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded. The credit must be refunded to the policyholder.
HISTORY: Former 1976 Code Section 38-45-30 [1947 (45) 322; 1952 Code Section 37-803; 1962 Code Section 37-803] recodified as Section 38-17-30 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-47-30 [1947 (45) 322; 1952 Code Section 37-203; 1960 (51) 1646; 1962 Code Section 37-203; 1969 (56) 240; 1970 (56) 2497; 1981 Act No. 11, Section 1; 1981 Act No. 44, Section 1]; Section 38-47-40 [1947 (45) 322; 1952 Code Section 37-203.1; 1962 Code Section 37-203.1] recodified as Section 38-45-30 by 1987 Act No. 155, Section 1; 1988 Act No. 314, Section 6; 1989 Act No. 52, Section 4; 1990 Act No. 379, Section 2; 1992 Act No. 501, Part II Section 11K; 1993 Act No. 181, Section 672; 1999 Act No. 30, Section 2; 2000 Act No. 312, Section 10; 2003 Act No. 73, Section 14, eff June 25, 2003; 2008 Act No. 326, Section 13, eff June 16, 2008; 2012 Act No. 283, Section 1, eff January 1, 2012; 2016 Act No. 194 (H.4817), Section 3, eff May 26, 2016.
Effect of Amendment
2016 Act No. 194, Section 3, deleted former (2) and (3), relating to affidavit requirements, and redesignated former (4) through (6) as (2) through (4).