Premium Finance Companies - DFI
Premium Finance Companies - DFI
Premium Finance Companies - DFI

This License is required of any person who engages in the business of financing insurance premiums, enters into premiums, enters into premium finance agreements, or otherwise acquires premium finance agreements.

Who is exempt from this License?  Please review A.R.S. § 6-1403

Inquiries concerning the preparation and filing of License and renewal applications with the Department should be directed to the Licensing Division at 602-771-2800 or e-mail at [email protected]. For more detailed contact information, see the Contact Us” tab.

License Renewal Information

You must renew your Premium Finance Company license(s) on or before December 31. Any Premium Finance Company license not renewed on or before December 11 will be suspended. Arizona law does not provide any exception (A.R.S §§ 6-1405, 1408).  

  • Premium Finance Company entity renewal: $300
  • Premium Finance Company branch renewal: $300

All licensees:

  • Annual Reports should be submitted as a service request through the elicense.az.gov portal.   
  • License changes (such as an address change, email address change, ownership change) should be submitted as a service request through the elicense.az.gov portal.

NMLS managed licenses: 

  • Licensees must renew all their parent and branch licenses via the NMLS.

Arizona ePortal managed licenses: 

Instructions:

  • Open the LICENSE RENEWAL REPORT (click here) and carefully follow the instructions on page 1.  
  • If possible, use the Google Chrome web browser when renewing your license(s) on the eLicense portal (https://elicense.az.gov/ARDC_HomePage).  Other web browsers may cause problems.  
  • Processing Time: Please allow up to three weeks for your license renewal(s) to be processed.  Check your license record to make sure that licenses that you wish to continue have been renewed.
Forms and Fees

Application Fees and Forms for Premium Finance Companies
Arizona Revised Statues §6-126 et seq.

The following nonrefundable fees are payable to the department with the filing of the following applications:

Application Fees and Forms for Premium Finance Companies
DESCRIPTION FEES FORMS
New Application
$300.00 + License Fee (based upon submission date):

Jan, Feb, Mar: $300.00
April, May, June: $225.00
July, Aug, Sept: $150.00
Oct, Nov, Dec: $375.00* - eLicense option only

Fees are nonrefundable.
*Fee includes the following year renewal fee.$0.00
Branch Office Application

$300.00 + License Fee (based upon submission date):

Jan, Feb, Mar: $300.00
April, May, June: $225.00
July, Aug, Sept: $150.00
Oct, Nov, Dec: $375.00* - eLicense option only

Fees are nonrefundable.
*Fee includes the following year renewal fee.

License Renewal
License Year: 01/01 - 12/31
Renewal Period: 11/1 - 12/31

 

$300.00 HO
$300.00 each branch

Fees are nonrefundable.

Address Change

No Fee

Name Change
 
$250.00
Change of Control/Ownership change (“COC”) No Fee
Officer Change No Fee
License Surrender No Fee
Duplicate License
 
No Fee
Required Reports

Premium Finance Company Annual Report (A.R.S. 6-1408)
Due on or before February 1, annually

 
Laws, Rules & Substantive Policy Statements & Regulatory Alerts

Arizona Revised Statutes

Article 1     General Provisions

6-1401          Definitions

6-1402          Licensure required; contents of application; fees; nontransferable; branch office permit

6-1403          Exemptions

6-1404          Denial, suspension or revocation of licenses and branch office permits

6-1405          Issuance of license or branch office permit; license year; requirements

6-1406          Books and records of premium finance company; access to records

6-1407           Removal of place of business

6-1408          Annual report of licensee; civil penalty for failure to file

6-1409          Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts

6-1410           Form of premium finance agreement; notice

6-1411            Disclosure requirements

6-1412            Limitation on interest and other charges

6-1413            Other charges allowed

6-1414            Splitting of premium finance agreement prohibited

6-1415             Cancellation of insurance contract upon default

6-1416             Return premiums

6-1417             Servicing of premium finance agreements

6-1418          Exemption from any filing requirements

6-1419          Rules

 

Arizona Administrative Code Title 20 
N/A

Substantive Policy Statements 
ARTICLE 1. General Administration
APPLICATIONS GE-1 
CREDIT REPORTS/ARREST RECORDS  GE-3

Regulatory Alerts
N/A

Examinations

It is the policy of AZDFI to select the most effective and efficient methods of conducting examinations so that significant risks affecting safety and soundness, as well as substantive statutory compliance, can be identified and, if necessary, appropriate supervisory action taken.  Judgment must be utilized to ensure that necessary procedures are performed and ineffective activities are avoided.

The examination fee in accordance with A.R.S. 6-125 is not more than sixty-five dollars per hour for each examiner.  The assessment late penalty is fifty dollars for each day after the thirty day period the enterprise fails to remit the assessment not to exceed the examination assessment amount.

Pursuant to A.R.S. 6-122(3) examination frequency is at the Superintendent’s discretion.

For questions concerning examination of your company or license, please contact the Financial Enterprise Division at 602-771-2777 or e-mail to [email protected].

Premium Finance Companies - NMLS

Note: Companies holding these license types are encouraged to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons.  Additionally, for each branch holding these license types, companies are encouraged to complete and submit a Branch Form (MU3). Click here for more information.

This License is required of any person who engages in the business of financing insurance premiums, enters into premiums, enters into premium finance agreements, or otherwise acquires premium finance agreements.

Who is exempt from this License?  Please review A.R.S. § 6-1403

All Premium Finance Companies that have transition to NMLS are encouraged to submit their renewal through NMLS. Please click  HERE for Company Renewal instructions.

Company LicensesDescriptionRequirements Checklist

Premium Finance LicenseThis license will become available in NMLS starting July 1st, 2017. This License is required of any person who engages in the business of financing insurance premiums, enters into premiums, enters into premium finance agreements, or otherwise acquires premium finance agreements. Who is exempt from this License? Please review A.R.S. § 6-1401

Branch LicensesDescriptionRequirements Checklist

Premium Finance Branch LicenseThis license will become available in NMLS starting July 1st, 2017. This License is required of any person who engages in the business of financing insurance premiums, enters into premiums, enters into premium finance agreements, or otherwise acquires premium finance agreements. Who is exempt from this License? Please review A.R.S. § 6-1401

Premium Finance Companies - DFI