N.C. Gen. Stat. § 58-10-390
Conflict of interest
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) Each captive insurance company licensed in this State is required to adopt a conflict of interest statement for officers, directors, and key employees. Such statement shall disclose that the individual has no outside commitments, personal or otherwise, that would divert him or her from his or her duty to further the interests of the captive insurance company he or she represents, but this shall not preclude such person from being a director or officer in more than one insurance company.
(1) Each captive insurance company licensed in this State is required to adopt a conflict of interest statement for officers, directors, and key employees. Such statement shall disclose that the individual has no outside commitments, personal or otherwise, that would divert him or her from his or her duty to further the interests of the captive insurance company he or she represents, but this shall not preclude such person from being a director or officer in more than one insurance company.
(2) Each officer, director, and key employee shall file such disclosure with the board of directors or other governing body of the captive insurance company annually.
(2) Each officer, director, and key employee shall file such disclosure with the board of directors or other governing body of the captive insurance company annually.
History
(2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(h).)
Effect of Amendments. - Session Laws 2015-99, s. 1, effective June 19, 2015, substituted "board of directors or other governing body of the captive insurance company annually" for "Board of Directors yearly" in subsection (b).
Session Laws 2016-78, s. 4.1(h), effective June 30, 2016, substituted "licensed" for "chartered" in the first sentence of subsection (a).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.