Overview
MCC 6300 covers insurance premium collection across all lines — life, health, property, casualty, motor, and specialty insurance. This includes both direct-to-consumer insurers and intermediary brokers accepting card payments for policy premiums and fees.
Transaction Profile
Mid to high value, low to moderate frequency, predominantly CNP, recurring billing common, annual and monthly payment cycles
Card Network Notes
Standard interchange applies. Visa and Mastercard require clear disclosure of recurring billing terms. Credential-on-file rules apply for stored card premium collection.
Risk & Compliance
Risk is low to medium. Chargebacks can occur due to policy cancellation disputes and auto-renewal complaints. Premium values can be substantial. Recurring billing is common, requiring proper consent management and clear cancellation processes.