Premium Finance Company

A premium finance company must be licensed by the North Dakota Insurance Commissioner in order to engage in the business of entering into or acquiring insurance premium finance agreements in North Dakota (N.D.C.C. § 26.1-20.1).

A legal entity seeking licensure as a premium finance company must submit the following:

The North Dakota Insurance Department will issue a license if the application is approved. An application may be filed at any time throughout the year. The application and fee should be sent to the Department.

A premium finance company must renew its license on or before April 1 of each year by submitting a $100 annual renewal fee made payable to the North Dakota Insurance Commissioner. The following items must also be filed on or before April 1 of each year:

Please submit the annual audited financial statements via email to colicexam@nd.gov with the subject line, "Premium Finance Financial Statements."

A license not renewed by April 1 will be canceled.

A written notification of any corporate changes, such as a name change, address change, merger, or redomestication, must be sent to the Department in a timely manner. The notification should include updated documents (Charter, Articles, Bylaws, Agent for Service of Process, etc.) to reflect the change, as applicable.