Section 11. The fee for an insurance agent or an insurance broker in his application for a license under section three shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven and shall be based upon the aggregate unpaid balance of all premium finance agreements executed or purchased by the agent or broker during the forthcoming year. Each application for a license hereunder shall be in writing and in the form prescribed by the commissioner, and shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provision of section three B of chapter seven, said amount to be credited to the license fee if a license is granted. If an insurance agent or an insurance broker conducts an insurance premium finance agency business under a subsidiary or different company name, it shall be considered that said business is subject to the license fee provisions of section three.
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