reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-10-620 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-620 - Dividends.

 58-10-620. Dividends.(a) No SPFC shall declare or pay dividends in any form to its owners other than in accordance with the insurance securitization transaction agreements, and in no extent shall the dividends decrease the capital of the SPFC below two hundred fifty thousand dollars ($250,000). After giving effect to the dividends, the assets of the SPFC, including assets held in trust pursuant to the terms of the insurance securitization, shall be sufficient to satisfy the Commissioner that the SPFC can meet its obligations. Approval by the Commissioner of an ongoing plan for the payment of dividends or other distribution by an SPFC must be conditioned upon the retention at the time of each payment of capital or surplus equal to or in excess of amounts specified by or determined in accordance with formulas approved for the SPFC by the Commissioner.(b) The dividends may be declared by the management of the SPFC if the dividends do not violate this Part or jeopardize the fulfillment of the obligations of the SPFC or the trustee pursuant to the SPFC insurance securitization agreements, the SPFC contract, or any related transaction and other provisions of this Part.  (2013-116, s. 1.)
NC Gen Stat § 58-10-630 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-630 - Cessation of business.

 58-10-630. Cessation of business.At the cessation of business of an SPFC following termination or cancellation of an SPFC contract and the redemption of any related securities issued in connection with the SPFC contract, the authority granted by the Commissioner expires or, in the case of retiring and surviving protected cells, is modified, the SPFC is no longer authorized to conduct activities unless and until a new or modified certificate of authority is issued pursuant to a new filing under this Part or as agreed by the Commissioner.  (2013-116, s. 1.)
NC Gen Stat § 58-10-650 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-650 - Other laws applicable to captive insurance companies.

 58-10-650. Other laws applicable to captive insurance companies.In addition to the statutes and laws previously referred to in this Part, the following provisions of this Chapter are applicable to all captive insurance companies subject to this Part:(1) G.S. 58-2-45. - Orders of Commissioner; when writing required.(2) G.S. 58-2-160. - Reporting and investigation of insurance and reinsurance fraud and the financial condition of licensees; immunity from liability.(3) G.S. 58-2-162. - Embezzlement by insurance agents, brokers, or administrators.(4) G.S. 58-2-185. - Record of business kept by companies and agents; Commissioner may inspect.(5) G.S. 58-2-190. - Commissioner may require special reports.(6) G.S. 58-2-195. - Commissioner may require records, reports, etc., for agencies, agents, and others.(7) G.S. 58-2-200. - Books and papers required to be exhibited.(8) G.S. 58-5-1. - Deposits; use of master trust.(9) G.S. 58-7-50. - Maintenance and removal of records and assets.(10) G.S. 58-7-55. - Exceptions to requirements of G.S. 58-7-50.  (2013-116, s. 1.)
NC Gen Stat § 58-10-655 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-655 - Commissioner to share information with Department of Revenue.

 58-10-655. Commissioner to share information with Department of Revenue.Notwithstanding any other provisions of Chapter 58 of the General Statutes, the Commissioner may share confidential and privileged documents, materials, or information with the Department of Revenue. The documents, materials, or information shared shall be considered tax information and subject to the provisions of G.S. 105-259.  (2015-99, s. 1.)
NC Gen Stat § 58-10-700 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-700 - Purpose and scope.

 58-10-700. Purpose and scope.(a) The purpose of this Part is to establish the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and to establish guidance and instructions for filing an ORSA Summary Report with the Commissioner.(b) The requirements of this Part shall apply to all insurers domiciled in this State unless exempt pursuant to G.S. 58-10-725.  (2017-136, s. 1.)
NC Gen Stat § 58-10-705 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-705 - Definitions.

 58-10-705. Definitions.The following definitions apply in this Part:(1) Enterprise risk. - Defined in G.S. 58-19-5.(2) Insurance group. - Those insurers and affiliates included within an insurance holding company system as defined in G.S. 58-19-5.(3) Insurer. - Shall have the same meaning as set forth in G.S. 58-1-5 and includes a person subject to Article 65 or 67 of this Chapter. Insurer does not include an agency, authority, or instrumentality of the United States; any of its possessions and territories; the Commonwealth of Puerto Rico; the District of Columbia; nor a state or political subdivision of a state.(4) ORSA Guidance Manual. - The current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on January 1 of the year following the calendar year in which the changes have been adopted by the NAIC.(5) ORSA Summary Report. - A confidential high-level summary of an insurer or insurance group's ORSA, or a combination of reports, that contains the information described in the ORSA Guidance Manual.(6) Own Risk and Solvency Assessment or ORSA. - A confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks.  (2017-136, s. 1.)
NC Gen Stat § 58-10-710 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-710 - Risk management framework.

 58-10-710. Risk management framework.An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.  (2017-136, s. 1.)
NC Gen Stat § 58-10-715 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-715 - ORSA requirement.

 58-10-715. ORSA requirement.Subject to G.S. 58-10-725, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.  (2017-136, s. 1.)
NC Gen Stat § 58-10-720 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-720 - ORSA Summary Report.

 58-10-720. ORSA Summary Report.(a) No more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report under the following circumstances:(1) If the insurer is a member of an insurance group, and the Commissioner is the lead state Commissioner of that insurance group as determined following the procedures within the Financial Analysis Handbook adopted by the NAIC, then the insurer shall submit the ORSA Summary Report to the Commissioner.(2) If subdivision (1) of this subsection does not apply to the insurer, then the insurer shall submit the ORSA Summary Report upon the Commissioner's request.(b) The reports shall include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of their belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or to the appropriate committee of the board of directors.(c) An insurer may comply with subsection (a) of this section by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.  (2017-136, s. 1.)
NC Gen Stat § 58-10-730 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-730 - Contents of ORSA Summary Report.

 58-10-730. Contents of ORSA Summary Report.(a) The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commissioner.(b) The review of the ORSA Summary Report, and any additional requests for information, shall be made using procedures similar to those currently used in the analysis and examination of multistate or global insurers and insurance groups.  (2017-136, s. 1.)
NC Gen Stat § 58-10-740 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-740 - Sanctions.

 58-10-740. Sanctions.(a) Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this Part shall be subject to a civil penalty of one hundred dollars ($100.00) for each day's delay, not to exceed a total penalty of one thousand dollars ($1,000).(b) Notice and Opportunity to Be Heard Required. - After providing notice and opportunity to be heard in accordance with the provisions of Chapter 150B of the General Statutes, the Commissioner may order the respondent to pay the assessment and civil penalty imposed by this section.(c) The clear proceeds of civil penalties provided for in this section shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C-457.2.  (2017-136, s. 1.)
NC Gen Stat § 58-10-745 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-745 - Severability clause.

 58-10-745. Severability clause.If any provision of this Part or the application thereof to any person or circumstance is held invalid, such determination shall not affect the provisions or applications of this Part which can be given effect without the invalid provision or application, and, to that end, the provisions of this Part are severable.  (2017-136, s. 1.)
NC Gen Stat § 58-10-755 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-755 - Purpose and scope.

 58-10-755. Purpose and scope.(a) The purpose of this Part is to:(1) Provide the Commissioner a summary of an insurer or insurance group's corporate governance structure, policies, and practices to permit the Commissioner to gain and maintain an understanding of the insurer's corporate governance framework.(2) Outline the requirements for completing a corporate governance annual disclosure with the Commissioner.(3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade-secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.(4) Set forth the procedures for filing and the required contents of the Corporate Governance Annual Disclosure.(b) Nothing in this Part shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law. Notwithstanding the foregoing, nothing in this Part shall be construed to limit the Commissioner's authority, or the rights or obligations of third parties, under G.S. 58-2-131 through G.S. 58-2-134.(c) The requirements of this Part shall apply to all insurers domiciled in this State.  (2019-57, s. 3(a).)
NC Gen Stat § 58-10-760 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-760 - Definitions.

 58-10-760. Definitions.The following definitions apply in this Part:(1) CGAD or Corporate Governance Annual Disclosure. - A confidential report filed by an insurer or insurance group made in accordance with the requirements of this Part.(2) Insurance group. - Those insurers and affiliates included within an insurance holding company system as defined in G.S. 58-19-5.(3) Insurer. - Defined in G.S. 58-1-5 and includes a person subject to Articles 65 or 67 of this Chapter. Insurer does not include an agency, authority, or instrumentality of the United States; any of its possessions and territories; the Commonwealth of Puerto Rico; the District of Columbia; a state, or a political subdivision of a state.(4) Senior management. - Any corporate officer responsible for reporting information to the board of directors at regular intervals or providing this information to shareholders or regulators and shall include the chief executive officer, chief financial officer, chief operations officer, chief procurement officer, chief legal officer, chief information officer, chief technology officer, chief revenue officer, and chief visionary officer.  (2019-57, s. 3(a).)
NC Gen Stat § 58-10-770 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-770 - Rules and regulations.

 58-10-770. Rules and regulations.The Commissioner may adopt such rules and issue such orders as shall be necessary to carry out the provisions of this Part.  (2019-57, s. 3(a).)
NC Gen Stat § 58-10-785 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-785 - NAIC and third-party consultants.

 58-10-785. NAIC and third-party consultants.(a) The Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as may be reasonably necessary to assist the Commissioner in reviewing the CGAD-related information or the insurer's compliance with this Part.(b) Any persons retained under subsection (a) of this section shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity.(c) The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the Commissioner.(d) As part of the retention process, a third-party consultant shall verify to the Commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this Part.(e) A written agreement with the NAIC or a third-party consultant governing sharing and use of information provided pursuant to this Part shall contain all of the following provisions and expressly require the written consent of the insurer prior to making public information provided under this Part:(1) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this Part.(2) Procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality.(3) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third-party consultant remains with the Department and the NAIC's or third-party consultant's use of the information is subject to the direction of the Commissioner.(4) A provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this Part in a permanent database after the underlying analysis is completed.(5) A provision requiring the NAIC or third-party consultant to provide prompt notice to the Commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's CGAD-related information.(6) A requirement that the NAIC or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to this Part.  (2019-57, s. 3(a).)
NC Gen Stat § 58-10-790 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-790 - Sanctions.

 58-10-790. Sanctions.(a) Civil Penalties. - Any insurer failing, without just cause, to timely file the CGAD as required in this Part shall be subject to a civil penalty of one hundred dollars ($100.00) for each day's delay, not to exceed a total penalty of one thousand dollars ($1,000).(b) Notice and Opportunity to Be Heard Required. - After providing notice and opportunity to be heard in accordance with the provisions of Article 3A of Chapter 150B of the General Statutes, the Commissioner may order the respondent to pay the assessment and civil penalty imposed by this section.(c) Disposition of Civil Penalties. - The clear proceeds of civil penalties provided for in this section shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C-457.2.(d) Reduction of Civil Penalties. - The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.  (2019-57, s. 3(a).)
NC Gen Stat § 58-11-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-1 - Copies of charter and bylaws filed.

 58-11-1. Copies of charter and bylaws filed.Every corporation, society, or organization of this or any other state or country, transacting business upon the cooperative or assessment plan, must file with the Commissioner, before beginning to do business in this State, a copy of its charter or articles of association, and the bylaws, rules, or regulations referred to in its policies or certificates and made a part of such contract. Bylaws or regulations not so filed with the Commissioner will not avoid or affect any policy or certificate issued by such company or association. (1899, c. 54, s. 86; Rev., s. 4790; C.S., s. 6356; 1991, c. 720, ss. 4, 66.)
NC Gen Stat § 58-11-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-5 - Contracts must accord with charter and bylaws.

 58-11-5. Contracts must accord with charter and bylaws.Every policy or certificate or renewal receipt issued to a resident of this State by any corporation, association, or order transacting therein the business of insurance upon the assessment plan must be in accord with the provisions of the charter and bylaws of such corporation, association, or order, as filed with the Commissioner. It is unlawful for any such domestic or foreign insurance company or fraternal order to transact or offer to transact any business not authorized by the provisions of its charter and terms of its bylaws, or, through an agent or otherwise, to offer or issue any policy, renewal certificate, or other contract whose terms are not in clear accord with the powers, terms, and stipulations of its charter and bylaws. (1899, c. 54, s. 84; 1903, c. 438, s. 9; Rev., s. 4791; C.S., s. 6357; 1991, c. 720, s. 4.)
NC Gen Stat § 58-11-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-10 - "Assessment plan" printed on application and policy.

 58-11-10. "Assessment plan" printed on application and policy.Every policy or certificate issued to a resident of the State by any corporation transacting in the State the business of life insurance upon the assessment plan, or admitted to do business in this State on the assessment plan, shall print in bold type near the top of the front page of the policy, upon every policy or certificate issued upon the life of any such resident of the State, the words "issued upon the assessment plan"; and the words "assessment plan" shall be printed conspicuously upon every application, circular, card, and any and all printed documents issued, circulated, or caused to be circulated by such corporation within the State. (1913, c. 159, s. 1; C.S., s. 6358; 1929, c. 93, s. 1; 1933, c. 34; 1945, c. 386.)
NC Gen Stat § 58-11-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-15 - Revocation for noncompliance.

 58-11-15. Revocation for noncompliance.If any corporation or association transacting insurance business in this State on the assessment plan or issuing any policy upon the life of a resident of North Carolina upon the assessment plan shall fail or refuse to comply with G.S. 58-11-10, the Commissioner shall forthwith suspend or revoke all authority of such corporation or association and of its agents to do business in this State. (1913, c. 159, s. 2; C.S., s. 6359; 1991, c. 720, ss. 4, 13.)