reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-10-512 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-512 - Incorporated protected cells.

 58-10-512. Incorporated protected cells.(a) A protected cell of a protected cell captive insurance company may be formed as an incorporated protected cell.(b) The articles of incorporation or articles of organization of an incorporated protected cell shall refer to the protected cell captive insurance company for which it is a protected cell and shall state that the protected cell is incorporated or organized for the limited purposes authorized by the protected cell captive insurance company's license.(c) An incorporated protected cell may be organized and operated in any form of business organization authorized by the Commissioner. Unless otherwise permitted by the organizational documents of a protected cell captive insurance company, each incorporated protected cell of the protected cell captive insurance company must have the same directors, secretary, and registered office as the protected cell captive insurance company.(d) In addition to the information required to be filed pursuant to G.S. 58-10-510(a)(1), a protected cell captive insurance company shall meet the requirements of G.S. 58-10-345(c)(1) for each incorporated protected cell. Other documents related to the incorporated protected cell shall be filed with the Commissioner as required before issuing policies of insurance.(e) It is the intent of the General Assembly under this section to provide protected cell captive insurance companies with the option to establish one or more protected cells as a separate corporation or other legal entity. This section shall not be construed to limit any rights or protections applicable to protected cells that are not incorporated protected cells.(f) Subject to the prior written approval of the protected cell captive insurance company and of the Commissioner, an incorporated protected cell shall be entitled to enter into contracts and undertake obligations in its own name and for its own account. In the case of a contract or obligation to which the protected cell captive insurance company is not a party, either in its own name and for its own account or on behalf of a protected cell, the counterparty to the contract or obligation shall have no right or recourse against the protected cell captive insurance company and its assets other than against assets properly attributable to the incorporated protected cell that is a party to the contract or obligation.  (2015-99, s. 1.)
NC Gen Stat § 58-10-513 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-513 - Cell shares and cell dividends.

 58-10-513. Cell shares and cell dividends.(a) A protected cell captive insurance company may create and issue shares from any of its protected cells, the proceeds of which shall be included in the assets attributable to the cell from which the cell shares were issued.(b) The proceeds of the issue of shares other than cell shares created and issued by a protected cell captive insurance company shall be included in the protected cell captive insurance company's general account.(c) A protected cell captive insurance company may pay dividends to cell shareholders from assets attributable to such cell in accordance with the provisions of G.S. 58-10-375.  (2015-99, s. 1.)
NC Gen Stat § 58-10-515 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-515 - Participants in a protected cell captive insurance company.

 58-10-515. Participants in a protected cell captive insurance company.(a) Any person may be a participant in a protected cell captive insurance company formed or licensed under this Part.(b) A sponsor may be a participant in a protected cell captive insurance company.(c) A participant need not be a shareholder of the protected cell captive insurance company or any affiliate thereof.(d) 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.  (2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(u).)
NC Gen Stat § 58-10-517 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-517 - Company to inform persons they are dealing with protected cell captive insurance company.

 58-10-517. Company to inform persons they are dealing with protected cell captive insurance company.A protected cell captive insurance company shall inform any person with whom it transacts business that it is a protected cell captive insurance company, and for the purposes of that transaction, identify or specify the protected cell with which that person is transacting, unless that transaction is not a transaction with a particular protected cell, in which case it shall specify that the transaction is with the protected cell captive insurance company's core.  (2015-99, s. 1.)
NC Gen Stat § 58-10-520 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-520 - Combining assets of protected cells.

 58-10-520. Combining assets of protected cells.Notwithstanding G.S. 58-10-510, the assets of two or more protected cells may be combined for purposes of investment and such combination shall not be construed as defeating the segregation of such assets for accounting or other purposes.  (2013-116, s. 1; 2014-65, s. 17.)
NC Gen Stat § 58-10-525 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-525 - Application of supervision, rehabilitation, and liquidation provisions to protected cell captive insurance companies.

 58-10-525. Application of supervision, rehabilitation, and liquidation provisions to protected cell captive insurance companies.(a) Except as otherwise provided in this Part, Article 30 of this Chapter shall apply to a protected cell captive insurance company and to each protected cell of a protected cell captive insurance company.(b) Upon any order of supervision, rehabilitation, or liquidation of a protected cell or a protected cell captive insurance company, the Commissioner or receiver shall manage the assets and liabilities of the protected cell captive insurance company, including assets and liabilities attributed to protected cells, pursuant to this Part.(c) Notwithstanding Article 30 of this Chapter:(1) No assets of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell.(2) Subject to G.S. 58-10-512(f), a protected cell captive insurance company's capital and surplus shall at all times be available to pay any expenses of, or claims against, the protected cell captive insurance company.  (2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(v).)
NC Gen Stat § 58-10-530 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-530 - Establishment of branch captive insurance companies.

 58-10-530. Establishment of branch captive insurance companies.(a) A branch captive insurance company may be established in this State, in accordance with this Subpart, to write in this State any insurance or reinsurance of the employee benefit business of its parent and affiliated companies that is subject to the Employee Retirement Income Security Act of 1974, as amended, or any insurance or reinsurance permitted to be written by captive insurance companies pursuant to this Part.(b) No branch captive insurance company shall do any insurance business in this State unless it maintains the principal place of business for its branch operations in this State.  (2013-116, s. 1.)
NC Gen Stat § 58-10-535 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-535 - Security for payment of branch captive insurance company liabilities.

 58-10-535. Security for payment of branch captive insurance company liabilities.(a) No branch captive insurance company shall be issued a license by the Commissioner unless it possesses and maintains as security for the payment of liabilities attributable to the branch operations:(1) An amount equal to the amount set forth in G.S. 58-10-370 as the minimum capital requirement for a pure captive insurance company.(2) Reserves on such insurance policies or such reinsurance contracts as may be issued or assumed by the branch captive insurance company through its branch operations, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations; provided, however, that the Commissioner may permit a branch captive insurance company to credit against any such reserve requirement any security for loss reserves that the branch captive insurance company may post with a ceding insurer or that may be posted by a reinsurer with the branch captive insurance company, and in either case if such security remains posted.(b) Subject to the prior approval of the Commissioner, the amounts required in subsection (a) of this section may be held in the form of:(1) A trust formed under a trust agreement and funded by assets acceptable to the Commissioner.(2) An irrevocable letter of credit issued by a bank approved by the Commissioner.(3) With respect to the amounts required in subdivision (a)(1) of this section only, cash on deposit with the Commissioner.(4) Any combination of subdivisions (b)(1) through (3) of this section.  (2013-116, s. 1; 2015-99, s. 1.)
NC Gen Stat § 58-10-545 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-545 - Filing of reports and statements.

 58-10-545. Filing of reports and statements.Prior to March 1 of each year, or with the approval of the Commissioner within 60 days after its fiscal year-end, a branch captive insurance company shall file with the Commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two of its executive officers. If the Commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the Commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.  (2013-116, s. 1.)
NC Gen Stat § 58-10-550 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-550 - Audit of a branch captive insurance company.

 58-10-550. Audit of a branch captive insurance company.(a) Any audit of a branch captive insurance company pursuant to G.S. 58-10-430 shall be of branch business and branch operations only so long as the branch captive insurance company files annually with the Commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the Commissioner's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.(b) As a condition of licensure, an alien captive insurance company shall grant authority to the Commissioner for audit of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.  (2013-116, s. 1; 2016-78, s. 4.1(w).)
NC Gen Stat § 58-10-555 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-555 - Creation of special purpose financial captives.

 58-10-555. Creation of special purpose financial captives.Special purpose financial captives (SPFCs) are provided by this Subpart exclusively to facilitate the securitization of one or more risks as a means of accessing alternative sources of capital and achieving the benefits of securitization. SPFCs are created for the limited purpose of entering into SPFC contracts and insurance securitization transactions and into related agreements to facilitate the accomplishment and execution of those transactions. The creation of SPFCs is intended to achieve greater efficiencies in structuring and executing insurance securitizations, to diversify and broaden sources of capital for insurers, to facilitate access for many insurers to insurance securitization and capital markets financing technology, and to further the economic development and expand the interest of this State through its captive insurance program.  (2013-116, s. 1.)
NC Gen Stat § 58-10-560 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-560 - Controlling provisions when conflict exists; exemptions.

 58-10-560. Controlling provisions when conflict exists; exemptions.(a) No provisions of this Chapter, other than those expressly provided in this Part, shall apply to an SPFC. If any conflict occurs in this Part related to an SPFC, the provisions of this Subpart shall control.(b) The Commissioner may exempt an SPFC or its protected cells, on a case-by-case basis, from this Part if the Commissioner determines regulation under this Part to be inappropriate given the nature of the risks to be insured.  (2013-116, s. 1; 2015-99, s. 1.)
NC Gen Stat § 58-10-570 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-570 - Organization of an SPFC.

 58-10-570. Organization of an SPFC.(a) An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the Commissioner.(b) The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this Part.(c) The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this State. Any name adopted by an SPFC shall comply with State law.(d) An SPFC shall have at least three incorporators or organizers, of whom at least two shall be residents of this State.(e) At least one of the members of the management of the SPFC shall be a resident of this State.(f) An SPFC formed pursuant to this Part has the privileges of and is subject to all other requirements of this State's law applicable to its formation, as well as the applicable provisions contained in this Part, provided that this Part controls if a conflict exists in this State's law.  (2013-116, s. 1.)
NC Gen Stat § 58-10-575 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-575 - Minimum capital.

 58-10-575. Minimum capital.(a) An SPFC shall initially possess and maintain minimum capital of not less than two hundred and fifty thousand dollars ($250,000). All of the minimum initial capitalization shall be in cash. All other funds of the SPFC in excess of its minimum initial capitalization shall be in the form of cash, cash equivalent, or securities invested as approved by the Commissioner.(b) Additional capitalization for the SPFC shall be determined, if so required, by the Commissioner after giving due consideration to the SPFC's plan of operation, feasibility study, pro formas, and the nature of the risks being insured or reinsured, which may be prescribed in formulas approved by the Commissioner.  (2013-116, s. 1.)
NC Gen Stat § 58-10-580 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-580 - Authorized activities.

 58-10-580. Authorized activities.(a) An SPFC shall only insure the risks of a counterparty.(b) No SPFC shall issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third-party reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the Commissioner.(c) An SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this Part. Those activities may include, but are not limited to:(1) Entering into SPFC contracts.(2) Issuing SPFC securities in accordance with applicable securities law.(3) Complying with the terms of such contracts or securities.(4) Entering into trust, guaranteed investment contract, letter of credit, swap, tax, administration, reimbursement, or fiscal agent transactions.(5) Complying with trust indenture, reinsurance, or retrocession, and agreements necessary or incidental to effectuate an insurance securitization in compliance with this Part or the plan of operation approved by the Commissioner.(d) An SPFC shall do all of the following:(1) Discount its reserves at discount rates as approved by the Commissioner.(2) Maintain reserves that are actuarially sufficient to support the liabilities incurred by an SPFC in reinsuring life insurance policies.(3) File annually with the Commissioner an actuarial opinion on reserves provided by an approved independent actuary.  (2013-116, s. 1.)
NC Gen Stat § 58-10-595 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-595 - Issuing securities.

 58-10-595. Issuing securities.(a) An SPFC may issue securities, including surplus notes and other forms of financial instruments, subject to and in accordance with applicable law, its approved plan of operation, and its organizational documents.(b) An SPFC, in connection with the issuance of securities, may enter into and perform all of its obligations under any required contracts to facilitate the issuance of these securities.(c) Subject to the approval of the Commissioner, an SPFC may lawfully:(1) Account for the proceeds of surplus notes as surplus and not as debt for purposes of statutory accounting.(2) Submit for prior approval of the Commissioner periodic written requests for payments of interest on and repayments of principal of surplus notes. In lieu of approval of periodic written requests for authorization to make payments of interest on and repayments of principal of surplus notes and other debt obligations issued by the SPFC, the Commissioner may approve a formula or plan, which shall be included in the SPFC's plan of operation as amended from time to time, for payment of interest, principal, or both, with respect to such surplus notes and debt obligations.(d) The Commissioner, without otherwise prejudicing the Commissioner's authority, may approve formulas for an ongoing plan of interest payments or principal repayments, or both, to provide guidance in connection with the Commissioner's ongoing reviews of requests to approve the payments on and principal repayments of the surplus notes.(e) The obligation to repay principal or interest, or both, on the securities issued by the SPFC must reflect the risk associated with the obligations of the SPFC to the counterparty under the SPFC contract.  (2013-116, s. 1.)
NC Gen Stat § 58-10-600 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-600 - Asset management agreements.

 58-10-600. Asset management agreements.An SPFC may enter into swap agreements, or other forms of asset management agreements, including guaranteed investment contracts, or other transactions that have the objective of leveling timing differences in funding of up-front or ongoing transaction expenses, or managing asset, credit, or interest rate risk of the investments to minimize the likelihood that the investments are not sufficient to assure payment or repayment of the securities, and related interest or principal payments, issued pursuant to an SPFC insurance securitization transaction, or the obligations of the SPFC under the SPFC contract.  (2013-116, s. 1; 2015-99, s. 1.)
NC Gen Stat § 58-10-610 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-610 - No securities considered to be insurance or reinsurance contracts.

 58-10-610. No securities considered to be insurance or reinsurance contracts.No securities issued by an SPFC pursuant to an insurance securitization shall be considered to be insurance or reinsurance contracts. No investor in these securities or a holder of these securities, by sole means of this investment or holding, shall be considered to be transacting the business of insurance in this State. The underwriter's placement or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization pursuant to this Part shall not be considered to be insurance producers or brokers or conducting business as an insurance or reinsurance company or agency, brokerage, intermediary, advisory, or consulting business only by virtue of their activities in connection with an insurance securitization.  (2013-116, s. 1.)
NC Gen Stat § 58-10-615 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-615 - Disposition of assets; investment limitations.

 58-10-615. Disposition of assets; investment limitations.(a) The assets of an SPFC shall be preserved and administered by or on behalf of the SPFC to satisfy the liabilities and obligations of the SPFC incident to the reinsurance contract, the insurance securitization, and other related agreements.(b) In the insurance securitization, the security offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of such insurance securitization will be used to fund the SPFC's obligations to the ceding insurer.(c) No SPFC shall be subject to any restriction on investments other than the following:(1) The Commissioner may limit investments by an SPFC to those categories and amounts of authorized investments delineated in G.S. 58-7-167, 58-7-170, 58-7-172, 58-7-173, 58-7-178, 58-7-179, 58-7-180, 58-7-183, 58-7-185, 58-7-187, 58-7-188, 58-7-192, 58-7-193, 58-7-197, 58-7-200, and 58-7-205, as applicable and as amended from time to time.(2) No SPFC shall make a loan to any person other than as permitted under its plan of operation or as otherwise approved in advance by the Commissioner.(3) The Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the SPFC unless the investment is otherwise approved by the Commissioner in writing.  (2013-116, s. 1.)