§ 20-1612 — Authorization for issuance of policies

A. Each policy, certificate of insurance, application for insurance, endorsement and rider of consumer credit insurance delivered or issued for delivery in this state shall be by an insurer authorized by the director to transact insurance in this state.

B. In any transaction where a premium is collected from, or a payment made by, a debtor for consumer credit insurance, each policy, certificate of insurance, application for insurance, endorsement and rider shall be solicited by and placed through a holder of a license issued by the director in accordance with chapter 2, article 3 of this title. Nothing in this section requires a creditor to be licensed as an insurance producer solely because the creditor enrolls individuals in or administers a subsisting contract of group insurance.