North Carolina General Statutes 58-33-20. Representation
Terms Used In North Carolina General Statutes 58-33-20
- Agent: means a person licensed to solicit applications for, or to negotiate a policy of, insurance. See North Carolina General Statutes 58-33-10
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Broker: means a person who, being a licensed insurance producer, procures insurance for a party other than himself through a duly authorized agent of an insurer that is licensed to do business in this State but for which the broker is not authorized to act as agent. See North Carolina General Statutes 58-33-10
- Insurance: means any of the kinds of insurance in N. See North Carolina General Statutes 58-33-10
- Limited representative: means a person who is authorized by the Commissioner to solicit or negotiate contracts for the particular lines of authority identified in N. See North Carolina General Statutes 58-33-10
- producer: includes an agent and a broker. See North Carolina General Statutes 58-33-10
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) Every insurance producer or limited representative who, on behalf of an insurer, solicits or negotiates an application for insurance of any kind, in any controversy between the insured or his beneficiary and the insurer, is regarded as representing the insurer and not the insured or his beneficiary. This provision does not affect the apparent authority of an agent.
(b) Every insurance producer who, acting as a broker, solicits an application for insurance of any kind, in any controversy between the insured or his beneficiary and the insurer issuing any policy upon such application, is regarded as representing the insured or his beneficiary and not the insurer; except any insurer that directly or through its agents delivers in this State to any broker a policy of insurance pursuant to the application or request of such broker, acting for an insured other than himself, is deemed to have authorized such broker to receive on its behalf payment of any premium that is due on such policy of insurance at the time of its issuance or delivery. (1987, c. 629, s. 1; 2022-46, s. 13(a).)