N.C. Gen. Stat. § 58-21-5
Purposes; necessity for regulation
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
This Article shall be liberally construed and applied to promote its underlying purposes, which include all of the following:
This Article shall be liberally construed and applied to promote its underlying purposes, which include all of the following:
(1) Protecting persons in this State seeking insurance.
(1) Protecting persons in this State seeking insurance.
(2) Permitting surplus lines insurance to be placed with reputable and financially sound nonadmitted domestic surplus lines insurers, nonadmitted insurers and exported from this State pursuant to this Article.
(2) Permitting surplus lines insurance to be placed with reputable and financially sound nonadmitted domestic surplus lines insurers, nonadmitted insurers and exported from this State pursuant to this Article.
(3) Establishing a system of regulation that will permit orderly access to surplus lines insurance in this State and encourage admitted insurers to provide new and innovative types of insurance available to consumers in this State.
(3) Establishing a system of regulation that will permit orderly access to surplus lines insurance in this State and encourage admitted insurers to provide new and innovative types of insurance available to consumers in this State.
(4) Protecting revenues of this State.
(4) Protecting revenues of this State.
History
(1985, c. 688, s. 1; 2018-120, s. 2.1(b).)
Effect of Amendments. - Session Laws 2018-120, s. 2.1(b), effective June 28, 2018, added "all of the following" in the introductory paragraph; inserted "nonadmitted domestic surplus lines insurers," in subdivision (2); and made minor stylistic changes throughout the section.
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.