(a) The annual administrative and regulatory fee for an insurance license is $35 per year. All initial licenses and all renewal licenses for the above referenced individual licensees will be issued on a biennial basis and the annual administrative and regulatory fee will be collected biennially. All licenses issued or renewed for a period of two calendar years will expire on the last day of the licensee's birth month in the calendar year of expiration. All individual licensees shall pay the annual administrative and regulatory fee to renew their licenses biennially on or before the end of their birth month and on or before the end of their birth month thereafter.

(b) For licenses issued to business entities licensed as producers and surplus lines producers and third party administrators, the initial license and the renewal license will be issued for a period of one year. The annual administrative and regulatory fee must be paid on or before October 1 of every year in order to renew a business entity producer license. The renewal date for surplus lines producer's license for business entitites and third party administrators is January 1 of every year.

(c) TYPE OF LICENSE: The phrase “type of license” refers to the particular kind of license held by the licensee rather than the type or line of business the license authorizes the licensee to transact. Thus, a producer authorized to transact one or more lines of insurance still has only one license, and the applicable annual fee is $35. If however, the same licensee also holds a surplus lines producer's license (a total of 2 licenses), the licensee would owe two (2) separate fees of $35 each, for a total of $ $70 per year to be paid biennially

(d) Beginning January 1, 2020, all license fees in this section must be paid electronically.

(e) Effective July 31, 2009, Section 1 of Act 901 of 1993 was repealed. Accordingly, insurers may pay the license fees set forth above and any statutory license fees.