N.C. Gen. Stat. § 58-10-515
Participants in a protected cell captive insurance company
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) Any person may be a participant in a protected cell captive insurance company formed or licensed under this Part.
(1) Any person may be a participant in a protected cell captive insurance company formed or licensed under this Part.
(2) A sponsor may be a participant in a protected cell captive insurance company.
(2) A sponsor may be a participant in a protected cell captive insurance company.
(3) A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.
(3) A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.
(4) Except as otherwise approved by the Commissioner, a participant shall insure only its own risks and the risks of its affiliates through a protected cell captive insurance company.
(4) Except as otherwise approved by the Commissioner, a participant shall insure only its own risks and the risks of its affiliates through a protected cell captive insurance company.
History
(2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(u).)
Effect of Amendments. - Session Laws 2015-99, s. 1, effective June 19, 2015, substituted "Participants" for "Participation" in the section heading; and rewrote subsections (a) and (d).
Session Laws 2016-78, s. 4.1(u), effective June 30, 2016, deleted "and controlled unaffiliated businesses" preceding "through a protected cell" in subsection (d).
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.