Article

Miscellaneous Insurer Financial Provisions

N.C. Gen. Stat. § 58-10-1— Stock to mutual insurer conversion
N.C. Gen. Stat. § 58-10-5— Stock acquired to be turned over to voting trust until all stock acquired; dividends repaid to corporation for beneficiaries
N.C. Gen. Stat. § 58-10-10— Mutual to stock insurer conversion
N.C. Gen. Stat. § 58-10-12— Conversion plan requirements
N.C. Gen. Stat. § 58-10-20— Scope
N.C. Gen. Stat. § 58-10-25— Definitions
N.C. Gen. Stat. § 58-10-30— Notice requirements
N.C. Gen. Stat. § 58-10-35— Policyholder rights
N.C. Gen. Stat. § 58-10-40— Effect of consent
N.C. Gen. Stat. § 58-10-45— Commissioner's discretion
N.C. Gen. Stat. § 58-10-55— Report
N.C. Gen. Stat. § 58-10-60— Acquisitions and dispositions of assets
N.C. Gen. Stat. § 58-10-65— Nonrenewals, cancellations, or revisions of ceded reinsurance agreements
N.C. Gen. Stat. § 58-10-75— Purpose and legislative intent
N.C. Gen. Stat. § 58-10-80— Definitions
N.C. Gen. Stat. § 58-10-85— Establishment of protected cells
N.C. Gen. Stat. § 58-10-90— Use and operation of protected cells
N.C. Gen. Stat. § 58-10-95— Reach of creditors and other claimants
N.C. Gen. Stat. § 58-10-100— Conservation, rehabilitation, or liquidation of protected cell companies
N.C. Gen. Stat. § 58-10-105— No transaction of an insurance business
N.C. Gen. Stat. § 58-10-110— Authority to adopt rules
N.C. Gen. Stat. § 58-10-120— Definitions
N.C. Gen. Stat. § 58-10-125— Policyholders position and capital and surplus requirements
N.C. Gen. Stat. § 58-10-130— Unearned premium reserve
N.C. Gen. Stat. § 58-10-135— Contingency reserve for mortgage guaranty insurers
N.C. Gen. Stat. § 58-10-140— Report of policyholder's position
N.C. Gen. Stat. § 58-10-145— Monoline requirement for mortgage guaranty insurers
N.C. Gen. Stat. § 58-10-150— Statement of actuarial opinion
N.C. Gen. Stat. § 58-10-155— Actuarial opinion summary
N.C. Gen. Stat. § 58-10-160— Actuarial report and work papers
N.C. Gen. Stat. § 58-10-165— Monetary penalties for failure to provide documents
N.C. Gen. Stat. § 58-10-170— Qualified immunity of appointed actuary
N.C. Gen. Stat. § 58-10-175— Confidentiality
N.C. Gen. Stat. § 58-10-185— Purpose and scope
N.C. Gen. Stat. § 58-10-190— Definitions
N.C. Gen. Stat. § 58-10-195— General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment
N.C. Gen. Stat. § 58-10-200— Contents of annual audited financial report
N.C. Gen. Stat. § 58-10-205— Designation of independent certified public accountant
N.C. Gen. Stat. § 58-10-210— Qualifications of independent certified public accountant
N.C. Gen. Stat. § 58-10-215— Consolidated or combined audits
N.C. Gen. Stat. § 58-10-220— Scope of audit and report of independent certified public accountant
N.C. Gen. Stat. § 58-10-225— Notification of adverse financial condition
N.C. Gen. Stat. § 58-10-230— Communication of internal control related matters noted in an audit
N.C. Gen. Stat. § 58-10-235— Accountant's letter of qualifications
N.C. Gen. Stat. § 58-10-240— Definition, availability, and maintenance of independent certified public accountants' work papers
N.C. Gen. Stat. § 58-10-245— Requirements for audit committees
N.C. Gen. Stat. § 58-10-246— Internal audit function requirements
N.C. Gen. Stat. § 58-10-250— Conduct of insurer in connection with the preparation of required reports and documents
N.C. Gen. Stat. § 58-10-255— Management's report of internal control over financial reporting
N.C. Gen. Stat. § 58-10-260— Exemptions and effective dates
N.C. Gen. Stat. § 58-10-265— Canadian and British companies
N.C. Gen. Stat. § 58-10-275— Definitions
N.C. Gen. Stat. § 58-10-280— General provisions
N.C. Gen. Stat. § 58-10-285— Application; contents; process
N.C. Gen. Stat. § 58-10-290— Plan of reorganization
N.C. Gen. Stat. § 58-10-295— Powers of the Commissioner
N.C. Gen. Stat. § 58-10-300— Special financial requirements
N.C. Gen. Stat. § 58-10-305— Reorganization of domestic mutual insurer with mutual insurance holding company
N.C. Gen. Stat. § 58-10-310— Mergers of mutual insurance holding companies
N.C. Gen. Stat. § 58-10-315— Stock offerings
N.C. Gen. Stat. § 58-10-320— Regulation of holding company system
N.C. Gen. Stat. § 58-10-325— Reporting of stock ownership and transactions
N.C. Gen. Stat. § 58-10-335— Purpose
N.C. Gen. Stat. § 58-10-340— Definitions
N.C. Gen. Stat. § 58-10-345— Licensing; authority; confidentiality
N.C. Gen. Stat. § 58-10-347— Provisional approval for a license
N.C. Gen. Stat. § 58-10-350— Commissioner use of consultants and other professionals
N.C. Gen. Stat. § 58-10-355— Organizational audit
N.C. Gen. Stat. § 58-10-360— Designation of captive manager
N.C. Gen. Stat. § 58-10-365— Names of companies
N.C. Gen. Stat. § 58-10-370— Capital and surplus requirements
N.C. Gen. Stat. § 58-10-375— Dividends and distributions
N.C. Gen. Stat. § 58-10-380— Formation of captive insurance companies
N.C. Gen. Stat. § 58-10-385— Governing board members, officers, and employees
N.C. Gen. Stat. § 58-10-390— Conflict of interest
N.C. Gen. Stat. § 58-10-395— Plan of operation change
N.C. Gen. Stat. § 58-10-400— Insurance manager and intermediaries
N.C. Gen. Stat. § 58-10-405— Annual reports
N.C. Gen. Stat. § 58-10-415— Annual audit and statement of actuarial opinion
N.C. Gen. Stat. § 58-10-420— Independent certified public accountants
N.C. Gen. Stat. § 58-10-425— Deposit requirement
N.C. Gen. Stat. § 58-10-430— Audits and Financial Analysis
N.C. Gen. Stat. § 58-10-435— License suspension or revocation
N.C. Gen. Stat. § 58-10-440— Investment requirements
N.C. Gen. Stat. § 58-10-445— Reinsurance
N.C. Gen. Stat. § 58-10-450— Membership in rating organizations; exemption from compulsory associations
N.C. Gen. Stat. § 58-10-455— Taxation
N.C. Gen. Stat. § 58-10-460— Adoption and amendment of rules by Commissioner
N.C. Gen. Stat. § 58-10-465— Applicable provisions
N.C. Gen. Stat. § 58-10-475— Supervision; rehabilitation; liquidation
N.C. Gen. Stat. § 58-10-480— Authority for expenditure of public funds
N.C. Gen. Stat. § 58-10-485— Violations and penalties
N.C. Gen. Stat. § 58-10-490— Inactive captive insurance companies
N.C. Gen. Stat. § 58-10-495— Captive insurance companies reinsuring life insurance policies
N.C. Gen. Stat. § 58-10-496— Waiver or modification
N.C. Gen. Stat. § 58-10-500— Forming a protected cell captive insurance company
N.C. Gen. Stat. § 58-10-505— Additional filing requirements for applicant protected cell captive insurance companies
N.C. Gen. Stat. § 58-10-510— Establishment of protected cells
N.C. Gen. Stat. § 58-10-512— Incorporated protected cells
N.C. Gen. Stat. § 58-10-513— Cell shares and cell dividends
N.C. Gen. Stat. § 58-10-515— Participants in a protected cell captive insurance company
N.C. Gen. Stat. § 58-10-517— Company to inform persons they are dealing with protected cell captive insurance company
N.C. Gen. Stat. § 58-10-520— Combining assets of protected cells
N.C. Gen. Stat. § 58-10-525— Application of supervision, rehabilitation, and liquidation provisions to protected cell captive insurance companies
N.C. Gen. Stat. § 58-10-530— Establishment of branch captive insurance companies
N.C. Gen. Stat. § 58-10-535— Security for payment of branch captive insurance company liabilities
N.C. Gen. Stat. § 58-10-545— Filing of reports and statements
N.C. Gen. Stat. § 58-10-550— Audit of a branch captive insurance company
N.C. Gen. Stat. § 58-10-555— Creation of special purpose financial captives
N.C. Gen. Stat. § 58-10-560— Controlling provisions when conflict exists; exemptions
N.C. Gen. Stat. § 58-10-565— Application requirements
N.C. Gen. Stat. § 58-10-570— Organization of an SPFC
N.C. Gen. Stat. § 58-10-575— Minimum capital
N.C. Gen. Stat. § 58-10-580— Authorized activities
N.C. Gen. Stat. § 58-10-585— Establishment of protected cell accounts
N.C. Gen. Stat. § 58-10-590— Protected cell accounts
N.C. Gen. Stat. § 58-10-595— Issuing securities
N.C. Gen. Stat. § 58-10-600— Asset management agreements
N.C. Gen. Stat. § 58-10-605— Reinsurance
N.C. Gen. Stat. § 58-10-610— No securities considered to be insurance or reinsurance contracts
N.C. Gen. Stat. § 58-10-615— Disposition of assets; investment limitations
N.C. Gen. Stat. § 58-10-620— Dividends
N.C. Gen. Stat. § 58-10-625— Changes in plan of operation; filing of audit and statement of operation; audits
N.C. Gen. Stat. § 58-10-630— Cessation of business
N.C. Gen. Stat. § 58-10-635— Supervision, rehabilitation, or liquidation of SPFC
N.C. Gen. Stat. § 58-10-650— Other laws applicable to captive insurance companies
N.C. Gen. Stat. § 58-10-655— Commissioner to share information with Department of Revenue
N.C. Gen. Stat. § 58-10-700— Purpose and scope
N.C. Gen. Stat. § 58-10-705— Definitions
N.C. Gen. Stat. § 58-10-710— Risk management framework
N.C. Gen. Stat. § 58-10-715— ORSA requirement
N.C. Gen. Stat. § 58-10-720— ORSA Summary Report
N.C. Gen. Stat. § 58-10-725— Exemption
N.C. Gen. Stat. § 58-10-730— Contents of ORSA Summary Report
N.C. Gen. Stat. § 58-10-735— Confidentiality
N.C. Gen. Stat. § 58-10-740— Sanctions
N.C. Gen. Stat. § 58-10-745— Severability clause
N.C. Gen. Stat. § 58-10-755— Purpose and scope
N.C. Gen. Stat. § 58-10-760— Definitions
N.C. Gen. Stat. § 58-10-765— Disclosure requirement and filing procedures
N.C. Gen. Stat. § 58-10-770— Rules and regulations
N.C. Gen. Stat. § 58-10-775— Contents of corporate governance annual disclosure
N.C. Gen. Stat. § 58-10-780— Confidentiality
N.C. Gen. Stat. § 58-10-785— NAIC and third-party consultants
N.C. Gen. Stat. § 58-10-790— Sanctions