reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-10-395 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-395 - Plan of operation change.

 58-10-395. Plan of operation change.(a) Any material change in a captive insurance company's plan of operation plan of operation that was filed with the Commissioner at the time of initial application and any subsequent amendment of the plan requires prior approval from the Commissioner.(b) Any change in any other information filed with the application must be filed with the Commissioner within 60 days but does not require prior approval.  (2013-116, s. 1; 2014-65, s. 6; 2016-78, s. 4.1(i).)
NC Gen Stat § 58-10-400 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-400 - Insurance manager and intermediaries.

 58-10-400. Insurance manager and intermediaries.No person shall act in or from this State as a managing general agent, producer, or reinsurance intermediary for captive insurance company business without the authorization of the Commissioner.  (2013-116, s. 1; 2014-65, s. 7; 2016-78, s. 4.1(j).)
NC Gen Stat § 58-10-425 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-425 - Deposit requirement.

 58-10-425. Deposit requirement.(a) The Commissioner may require a captive insurance company to maintain a deposit with the Commissioner in a form and amount as the Commissioner may specify.(b) A captive insurance company may receive interest or dividends from deposits held by the Commissioner or exchange the deposits for others of equal value with the approval of the Commissioner.(c) If a captive insurance company discontinues business, the Commissioner shall return deposits held by the Commissioner only after being satisfied that all obligations of the captive insurance company have been discharged.  (2013-116, s. 1; 2014-65, s. 11.)
NC Gen Stat § 58-10-430 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-430 - Audits.

 58-10-430. Audits.(a) Whenever the Commissioner determines it to be prudent, the Commissioner shall audit a captive insurance company's affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with this Part. The expenses and charges of the audit shall be paid by the captive insurance company.(b) G.S. 58-2-160 shall apply to audits conducted under this section.(c) All audit reports, preliminary audit reports or results, working papers, recorded information, documents, and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an audit made under this section are confidential, are not subject to subpoena, and may not be made public by the Commissioner or an employee or agent of the Commissioner. Nothing in this subsection shall prevent the Commissioner from using such information in furtherance of the Commissioner's regulatory authority under this Chapter. The Commissioner shall have the discretion to grant access to such information to public officials having jurisdiction over the regulation of insurance in any other state or country or to law enforcement officers of this State or any other state or agency of the federal government at any time only if the officials receiving the information agree in writing to maintain the confidentiality of the information in a manner consistent with this subsection.(d) Risk retention groups are not subject to this section and shall instead be audited in accordance with the Examination Law, G.S. 58-2-131 through G.S. 58-2-134.  (2013-116, s. 1; 2014-65, s. 12; 2015-99, s. 1; 2016-78, s. 4.1(n).)
NC Gen Stat § 58-10-435 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-435 - License suspension or revocation.

 58-10-435. License suspension or revocation.(a) The license of a captive insurance company may be suspended or revoked if the Commissioner finds, upon audit, hearing, or other evidence, that a captive insurance company has committed one or more of the violations described in subdivisions (1) through (7) of this subsection, or met any of the criteria in subdivisions (8) through (10) of this subsection, and that the suspension or revocation is in the best interest of the public and the policyholders of such captive insurance company, notwithstanding any other provision of this Chapter:(1) Insolvency or impairment of capital or surplus.(2) Failure to meet the requirements of G.S. 58-10-370.(3) Refusal or failure to submit an annual report, as required by this Part, or any other report or statement required by law or by lawful order of the Commissioner.(4) Failure to comply with its own charter, bylaws, or other organizational document.(5) Failure to submit to or pay the cost of an audit or any legal obligation relative to an audit, as required by this Part.(6) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders.(7) Failure otherwise to comply with the laws of this State.(8) Failure to commence business according to its plan of operation within two years of being licensed.(9) Failure to carry on insurance business in or from this State.(10) By request of the captive insurance company.(b) Before the Commissioner suspends or revokes the license of a captive insurance company under subdivisions (a)(7) or (a)(8) of this section, the Commissioner shall give the captive insurance company notice in writing of the grounds on which the Commissioner proposes to suspend or revoke the license and shall afford the captive insurance company an opportunity to make objection in writing within the period of 30 days after receipt of notice. The Commissioner shall take into consideration any objection received by the Commissioner within that period and, if the Commissioner decides to suspend or revoke the license, cause the order of suspension or revocation to be served on the captive insurance company.  (2013-116, s. 1; 2016-78, s. 4.1(o).)
NC Gen Stat § 58-10-440 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-440 - Investment requirements.

 58-10-440. Investment requirements.(a) Except as may be otherwise authorized by the Commissioner, association captive insurance companies and risk retention groups shall comply with the investment requirements contained 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. Notwithstanding any other provision of this Chapter, the Commissioner may approve the use of alternative reliable methods of valuation and rating.(b) No pure captive insurance company, industrial insured captive insurance company, protected cell captive insurance company, special purpose captive insurance company, or special purpose financial captive insurance company shall be subject to any restrictions on allowable investments, provided that the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of any such company.(c) No captive insurance company or protected cell shall make a loan to or an investment in an affiliate or a participant without prior written approval of the Commissioner, and any such loan or investment shall be evidenced by documentation approved by the Commissioner. Loans of minimum capital and surplus funds required by G.S. 58-10-370 are prohibited.(d) Notwithstanding this section or 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, an association captive insurance company of an association described in G.S. 58-10-340(4)(b) [G.S. 58-10-340(4)b.] may hold any interest in qualified headquarters property, and the qualified headquarters property shall be admitted assets and authorized investments of the association captive insurance company. The net book value of the qualified headquarters property deemed admitted and authorized under this subsection may not exceed two million five hundred thousand dollars ($2,500,000), and an association captive insurance company holding qualified headquarters property pursuant to this subsection shall at all times maintain total surplus, without regard to the qualified headquarters property, of at least the sum of (i) fifty percent (50%) of the net book value of the qualified headquarters property and (ii) the minimum capital and surplus requirements. For purposes of this subsection, "qualified headquarters property" includes the real property and the building in which the principal office of the association captive insurance company is located and also includes any improved and unimproved real property of the association captive insurance company that is located within 1,500 feet of the company's principal office.  (2013-116, s. 1; 2014-65, s. 13; 2015-99, s. 1; 2016-78, s. 4.1(p).)
NC Gen Stat § 58-10-445 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-445 - Reinsurance.

 58-10-445. Reinsurance.(a) Any captive insurance company may provide reinsurance as authorized by this Chapter on risks ceded by any other insurer.(b) Any captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to reinsurers complying with this Chapter. If the reinsurer is licensed as a risk retention group, then the ceding risk retention group or its members must qualify for membership with the reinsurer. The Commissioner shall have the discretion to allow a captive insurance company to take credit for the reinsurance of risks or portions of risks ceded to an unauthorized reinsurer, after review, on a case-by-case basis. The Commissioner may require any documents, financial information, or other evidence that will allow an unauthorized reinsurer to demonstrate adequate security for its financial obligations.(c) In addition to reinsurers authorized by this Chapter, a captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to a pool, exchange, or association to the extent authorized by the Commissioner. The Commissioner may require any documents, financial information, or other evidence that such a pool, exchange, or association will be able to provide adequate security for its financial obligations. The Commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange, or association that in the Commissioner's judgment are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and benefit of the public at large.(d) Insurance by a captive insurance company of any workers' compensation or accident and health-qualified self-insured plan shall only be in the form of reinsurance.(e) No credit shall be allowed for reinsurance where the reinsurance contract does not result in the complete transfer of the risk or liability to the reinsurer.(f) No credit shall be allowed, as an asset or a deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer under the contract reinsured without diminution because of the insolvency of the ceding insurer.(g) Reinsurance under this section shall be effected through a written agreement of reinsurance setting forth the terms, provisions, and conditions governing such reinsurance. The Commissioner may require that complete copies of all reinsurance treaties and contracts be filed and approved by the Commissioner.  (2013-116, s. 1; 2014-65, s. 14.)
NC Gen Stat § 58-10-450 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-450 - Membership in rating organizations; exemption from compulsory associations.

 58-10-450. Membership in rating organizations; exemption from compulsory associations.(a) No captive insurance company shall be required to join a rating organization.(b) No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this State, nor shall any such captive insurance company, or any insured or affiliate thereof, receive any benefit from any such plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company.  (2013-116, s. 1.)
NC Gen Stat § 58-10-455 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-455 - Taxation.

 58-10-455. Taxation.A captive insurance company is taxed in accordance with Article 8B of Chapter 105 of the General Statutes.  (2013-116, s. 1.)
NC Gen Stat § 58-10-460 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-460 - Adoption and amendment of rules by Commissioner.

 58-10-460. Adoption and amendment of rules by Commissioner.The Commissioner may adopt and, from time to time, amend such rules relating to captive insurance companies as are necessary to enable the Commissioner to carry out the provisions of this Part.  (2013-116, s. 1.)
NC Gen Stat § 58-10-465 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-465 - Applicable provisions.

 58-10-465. Applicable provisions.(a) No provisions of this Chapter, other than those contained in this Part or as expressly provided in this Part, shall apply to captive insurance companies. Risk retention groups shall have the privileges and be subject to Article 22 of this Chapter in addition to the applicable provisions of this Part.(b) The Commissioner may exempt special purpose captive insurance companies, on a case-by-case basis, from provisions of this Chapter and any rules established under this Chapter that the Commissioner determines to be inappropriate given the nature of the risks to be insured.  (2013-116, s. 1; 2014-65, s. 15; 2015-99, s. 1.)
NC Gen Stat § 58-10-475 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-475 - Supervision; rehabilitation; liquidation.

 58-10-475. Supervision; rehabilitation; liquidation.Except as otherwise provided in this Part, the terms and conditions set forth in Article 30 of this Chapter shall apply in full to captive insurance companies licensed under this Part.  (2013-116, s. 1; 2015-99, s. 1.)
NC Gen Stat § 58-10-480 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-480 - Authority for expenditure of public funds.

 58-10-480. Authority for expenditure of public funds.Any municipality, county, authority, utility district, or other public body generally classified as a governmental body or governmental entity whether chartered or organized by local act or public act of the General Assembly, or otherwise, or any agency, board, or commission of any municipality, metropolitan government, county, authority, utility district, or other public body generally classified as a governmental body or governmental entity may expend public funds for the purchase of capital stock in a captive insurance company or to provide guaranty capital in a mutual captive insurance company, provided that at the time of authorization of expenditure of public funds adequate insurance markets in the United States are not available to cover the risks, hazards, and liabilities of the public body or that the needed coverage is only available at excessive rates or with unreasonable deductibles.  (2013-116, s. 1.)
NC Gen Stat § 58-10-485 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-485 - Violations and penalties.

 58-10-485. Violations and penalties.(a) If, after providing the opportunity for a contested case hearing held in accordance with the provisions of Article 3A of Chapter 150B of the General Statutes, the Commissioner finds that any insurer, person, or entity required to be licensed or authorized to transact the business of insurance under this Part has violated any provision of this Part or any rule or regulation authorized by this Part, the Commissioner may order:(1) The insurer, person, or entity to cease and desist from engaging in the act or practice giving rise to the violation.(2) Payment of a monetary penalty pursuant to G.S. 58-2-70.(3) The suspension or revocation of the insurer's, person's, or entity's license.(b) Whenever the Commissioner has evidence that any person has violated or is violating any provisions of this Part, or has violated or is violating any order or requirement of the Commissioner issued by the Commissioner under this Part, and that the interests of policyholders, creditors, or the public may be irreparably harmed by delay, the Commissioner may issue an emergency cease and desist order that shall become effective on the date specified in the order. The emergency cease and desist order shall also include a notice of hearing, which shall be conducted as provided under Article 3A of Chapter 150B of the General Statutes. However, the person ordered to cease and desist under this subsection may request and shall be granted an expedited review of the order. The emergency order shall remain in effect prior to and during the proceedings, unless modified by the Commissioner.  (2013-116, s. 1; 2015-99, s. 1.)
NC Gen Stat § 58-10-490 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-490 - Inactive captive insurance companies.

 58-10-490. Inactive captive insurance companies.(a) As used in this section, unless the context requires otherwise, "inactive captive insurance company" means a captive insurance company which meets both of the following criteria:(1) The company has ceased transacting the business of insurance.(2) There are no remaining liabilities associated with policies written or assumed by the company.(b) The Commissioner may declare a captive insurance company, other than a risk retention group, an inactive captive insurance company, if such captive insurance company meets the criteria of subsection (a) of this section.(c) An inactive captive insurance company shall possess and maintain unimpaired capital and surplus in an amount determined by the Commissioner.(d) An inactive captive insurance company shall not be subject to or liable for the payment of any tax under Article 8B of Chapter 105 of the General Statutes.(e) The Commissioner may exempt an inactive captive insurance company from any of the filing and reporting requirements of this Part.  (2015-99, s. 1.)
NC Gen Stat § 58-10-495 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-495 - Captive insurance companies reinsuring life insurance policies.

 58-10-495. Captive insurance companies reinsuring life insurance policies.(a) A captive insurance company that reinsures life insurance policies, including term, universal, and variable life policies, and related guarantees and riders, shall maintain reserves that are actuarially sufficient to support the liabilities incurred by the captive insurance company in reinsuring life insurance policies.(b) For purposes of the annual report required pursuant to G.S. 58-10-405, a captive insurance company described by subsection (a) of this section shall comply with the following requirements:(1) If the company uses statutory accounting principles, it shall submit the annual report in the form of the annual statement approved by the NAIC for life insurers, as modified or supplemented by the Commissioner, unless the Commissioner requires or approves a different form of annual report.(2) If the company uses generally accepted accounting principles, including any appropriate modifications or adaptations thereto approved by the Commissioner, it shall submit the annual report in a form approved by the Commissioner.  (2013-116, s. 1.)
NC Gen Stat § 58-10-496 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-496 - Waiver or modification.

 58-10-496. Waiver or modification.The Commissioner may waive or modify any provision of this Part if such waiver or modification, in the Commissioner's opinion, is justified, based on sound actuarial, accounting, or business principles, and does not diminish the solvency prospects of the captive insurance company. No waiver or modification granted by the Commissioner pursuant to this section shall result in a greater regulatory burden than imposed by this Part prior to the exercise of such waiver or modification.  (2016-78, s. 4.1(r).)
NC Gen Stat § 58-10-500 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-500 - Forming a protected cell captive insurance company.

 58-10-500. Forming a protected cell captive insurance company.(a) One or more sponsors may form a protected cell captive insurance company under this Subpart.(b) A protected cell captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a mutual corporation, as a nonprofit corporation with one or more members, or as a manager-managed limited liability company.  (2013-116, s. 1.)
NC Gen Stat § 58-10-505 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-505 - Additional filing requirements for applicant protected cell captive insurance companies.

 58-10-505. Additional filing requirements for applicant protected cell captive insurance companies.In addition to the information required by G.S. 58-10-345(c), each applicant protected cell captive insurance company shall file with the Commissioner all of the following:(1) Materials demonstrating how the applicant will account for the loss and expense experience of each protected cell at a level of detail found to be sufficient by the Commissioner, and how it will report such experience to the Commissioner.(2) A statement acknowledging that all records of the applicant, including records pertaining to any protected cells, shall be made available for inspection or audit by the Commissioner or the Commissioner's designated agent.(3) All contracts or sample contracts between the applicant business entity and any participants.(4) A statement describing how expenses shall be allocated to each protected cell in a fair and equitable manner.  (2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(s).)