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Opinion

Opinion Summary of Selected Opinion 97-105

Date: 07/01/1997
Organization: Division of Banks
Docket Number: 97-105

This opinion was issued in the third quarter of 1997.

License requirements for entities purchasing

An insurance premium finance agency is defined as any person engaged, in whole or in part, in the business of acquiring premium finance agreements from insurance agents or brokers or other premium finance companies, under Mass. Gen. Laws chapter 255C § 1. There is no exemption in the statute for affiliated companies. Therefore, it is the position of the Division that a company purchasing insurance premium finance agreements from an insurance premium finance agency, whether affiliated or not, would also require an insurance premium finance agency license pursuant to Mass. Gen. Laws chapter 255C.

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