North Carolina Insurance Broker Bond

The bond ensures proper accounting of premiums and other funds collected by the broker during the process of obtaining insurance coverage. Such transactions may involve licensed insurers, agents, premium finance companies, or associations of insurers under any plan for the placement of insurance under the laws of the state of North Carolina. The bond may be canceled with 30 days' prior written notice provided by the surety to the licensee and the Commissioner. The aggregate liability of the surety is limited to the stated bond amount.