North Carolina Insurance Premium Payments and Credit Cards
Can an insurance agent charge a fee for accepting premium payments by credit card in North Carolina.
I believe the answer is it depends on the Merchant Contract the agent has with the Processor. If the Merchant contract shows a cost of zero for all transactions, then the agent is complying with the portion of the North Carolina Insurance Code shown here...
§ 58-3-145. Solicitation, negotiation or payment of premiums on insurance policies.
An insurer, agent, or broker may accept payment of an insurance premium by credit card or debit card if the insurer accepting payment by credit card or debit card meets the following conditions:
(1) The insurer complies with the prohibition against unfair discrimination contained in G.S. 58-63-15(7).
(2) The insurer pays the fees charged by the credit card company or debit card issuer for the payment of premiums by credit card or debit card. (1967, c. 1245; 1979, c. 528; 1991, c. 720, s. 7; 1999-365, s. 1; 2011-215, s. 1.)
An insurer, agent, or broker may accept payment of an insurance premium by credit card or debit card if the insurer accepting payment by credit card or debit card meets the following conditions:
(1) The insurer complies with the prohibition against unfair discrimination contained in G.S. 58-63-15(7).
(2) The insurer pays the fees charged by the credit card company or debit card issuer for the payment of premiums by credit card or debit card. (1967, c. 1245; 1979, c. 528; 1991, c. 720, s. 7; 1999-365, s. 1; 2011-215, s. 1.)
Compliance
Simply Easier Payments complies with this by having all the Merchant contracts used by its agency partners agree to zero fees and charges for the agency accepting payments by credit or debit cards.
This includes no fees for charge backs.
We take your compliance very seriously. That means we do our best to keep current on laws and regulations in every state to do our best to never create a compliance issue for you using our service.
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