NC S420

Allows individuals licensed as insurance producers (but without a broker's license) to act as insurance brokers if employed by a licensed business entity insurance producer.

Limits employing business entities to a maximum of six employees acting as insurance brokers without a broker's license at any time.

Requires employing business entities to file a bond with the Commissioner that meets all requirements for individuals acting as insurance brokers without a broker's license.

Increases annual license fees for nonresident brokers from $50.00 to $65.00 and resident brokers from $50.00 to $65.00.

Effective date: July 1, 2021.