State RegulationsNC specificDifficulty 1/5
An insurer receives the first insurance application submitted by its newly recruited North Carolina producer. By when must the insurer file the notice of appointment?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under G.S. 58-33-40(b), an insurer must file a notice of appointment within 15 days after the date the first insurance application is submitted by the producer. Once filed, the appointment continues as long as both the producer and the insurer remain licensed, unless either party files a cancellation notice.
Why the other options are wrong
- A) 5 business days is the replacement notice deadline to existing insurers under 11 NCAC 12 .0612(a)(2), not the appointment filing deadline.
- C) The trigger is the producer's first insurance application, not the license issuance date, and the limit is 15 days under G.S. 58-33-40(b).
- D) April 1 is the date by which renewal appointment fees must be remitted under G.S. 58-33-40, not the initial appointment filing deadline.
Memory hook
First application in? The insurer has 15 days to appoint.