reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-10-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-5 - Stock acquired to be turned over to voting trust until all stock acquired; dividends repaid to corporation for beneficiaries.

 58-10-5. Stock acquired to be turned over to voting trust until all stock acquired; dividends repaid to corporation for beneficiaries.If a domestic stock life insurance corporation shall determine to become a mutual life insurance corporation it may, in carrying out any plan to that end under the provisions of G.S. 58-10-1, acquire any shares of its own stock by gift, devise, or purchase. And until all such shares are acquired, any shares so acquired shall be acquired in trust for the policyholders of the corporation as hereinafter provided, and shall be assigned and transferred on the books of the corporation to not less than three nor more than five trustees, and be held by them in trust and be voted by such trustees at all corporate meetings at which stockholders have the right to vote until all of the capital stock of such corporation is acquired, when the entire capital stock shall be retired and canceled; and thereupon, unless sooner incorporated as such, the corporation shall be and become a mutual life insurance corporation without capital stock. Said trustees shall be appointed and vacancies shall be filled as provided in the plan adopted under G.S. 58-10-1. Said trustees shall file with the corporation and with the Commissioner a verified acceptance of their appointments and declaration that they will faithfully discharge their duties as such trustees. After the payment of such dividends to stockholders or former stockholders as may have been provided in the plan adopted under G.S. 58-10-1, all dividends and other sums received by said trustees on said shares of stock so acquired, after paying the necessary expenses of executing said trust, shall be immediately repaid to said corporation for the benefit of all who are or may become policyholders of said corporation and entitled to participate in the profits thereof, and shall be added to and become a part of the surplus earned by said corporation, and be apportionable accordingly as a part of said surplus among said policyholders.  (1937, c. 231, s. 2; 1991, c. 720, s. 4; 2011-284, s. 55.)
NC Gen Stat § 58-10-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-20 - Scope.

 58-10-20. Scope.(a) This Part applies to any licensed insurer that either assumes or transfers the obligations or risks on policies under an assumption reinsurance agreement that is entered into on or after January 1, 1996.(b) This Part does not apply to:(1) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the policies subject to the reinsurance agreement.(2) The substitution of one insurer for another upon the expiration of insurance coverage under statutory or contractual requirements and the issuance of a new policy by another insurer.(3) The transfer of policies under mergers or consolidations of two or more insurers to the extent that those transactions are regulated by statute.(4) Except as provided in G.S. 58-10-45, any insurer subject to a judicial order of liquidation or rehabilitation.(5) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party, provided that policyholders do not lose any rights or claims afforded under their original policies under Articles 48 or 62 of this Chapter.(6) The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder. (1995, c. 318, s. 1; 2004-199, s. 20(b).)
NC Gen Stat § 58-10-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-25 - Definitions.

 58-10-25. Definitions.(a) As used in this Part:(1) Assuming insurer. - The insurer that acquires an insurance obligation or risk from the transferring insurer under an assumption reinsurance agreement.(2) Assumption reinsurance agreement. - Any contract, arrangement, or plan that:a. Transfers insurance obligations or risks of existing or in-force policies from a transferring insurer to an assuming insurer.b. Is intended to effect a novation of transferred policies with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks under the policies are extinguished.(3) Home service business. - Insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer.(4) Policy. - A contract of insurance as defined in G.S. 58-1-10.(5) Policyholder. - Any person that has the right to terminate or otherwise alter the terms of a policy. It includes any group policy certificate holder whose certificate is in force on the proposed effective date of the assumption, if the certificate holder has the right to keep the certificate in force without any change in benefits after termination of the group policy. The right to keep the certificate in force referred to in this subdivision does not include the right to elect individual coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), section 601, et seq., of the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. 1161, et seq.(6) Transferring insurer. - The insurer that transfers an insurance obligation or risk to an assuming insurer under an assumption reinsurance agreement.(b) For the purposes of this Part, a "novation" does not require the formation of a new policy or the amendment of an existing policy between the assuming insurer and the policyholder. (1995, c. 318, s. 1; 1995 (Reg. Sess., 1996), c. 752, s. 2.)
NC Gen Stat § 58-10-35 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-35 - Policyholder rights.

 58-10-35. Policyholder rights.(a) Policyholders may reject the transfer and novation of their policies by indicating on the response card that the assumption is rejected and returning the card to the transferring insurer.(b) Payment of any premium to the assuming company during the 24-month period after the notice of transfer has been received indicates the policyholder's acceptance of the transfer to the assuming insurer; and a novation shall occur only if the premium notice clearly states that payment of the premium to the assuming insurer constitutes acceptance of the transfer. The premium notice shall also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer. With respect to any home service business or any other business not using premium notices, the disclosures and procedural requirements of this subsection are to be set forth in the notice of transfer required by G.S. 58-10-30 and in the assumption certificate.(c) After no fewer than 24 months after the mailing of the initial notice of transfer required under G.S. 58-10-30, if positive consent to, or rejection of, the transfer and assumption has not been received or consent has not been deemed to have occurred under subsection (b) of this section, the transferring insurer shall send to the policyholder a second and final notice of transfer as specified in G.S. 58-10-30. If the policyholder does not accept or reject the transfer during the one-month period immediately after the date on which the transferring insurer mailed the second and final notice of transfer, the policyholder's consent and novation of the contract will occur. With respect to the home service business, or any other business not using premium notices, the 24-month and one-month periods shall be measured from the date of delivery of the notice of transfer under G.S. 58-10-30.(d) The transferring insurer shall be deemed to have received the response card on the date it is postmarked. A policyholder may also send the response card by facsimile, other electronic transmission, registered mail, express delivery, or courier service; in which case the response card shall be deemed to have been received by the transferring insurer on the date of actual receipt by the transferring insurer. (1995, c. 318, s. 1; 2007-298, s. 7.3; 2007-484, s. 43.5.)
NC Gen Stat § 58-10-40 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-40 - Effect of consent.

 58-10-40. Effect of consent.If a policyholder consents to the transfer under G.S. 58-10-35 or if the transfer is effected under G.S. 58-10-45, there shall be a novation of the policy, subject to the assumption reinsurance agreement, with the result that the transferring insurer is thereby relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer is directly and solely liable to the policyholder for those insurance obligations or risks. (1995, c. 318, s. 1.)
NC Gen Stat § 58-10-45 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-45 - Commissioner's discretion.

 58-10-45. Commissioner's discretion.If a domestic insurer or a foreign insurer from a state having a substantially similar law is deemed by its domiciliary insurance regulator to be in hazardous financial condition or a proceeding has been instituted against it for the purpose of reorganizing or conserving the insurer, and the transfer of the policies is in the best interest of the policyholders, as determined by the domiciliary insurance regulator, a transfer and novation may be effected notwithstanding the provisions of this Part. This may include a form of implied consent and adequate notification to the policyholders of the circumstances requiring the transfer as approved by the Commissioner. (1995, c. 318, s. 1.)
NC Gen Stat § 58-10-55 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-55 - Report.

 58-10-55. Report.(a) This Part applies only to domestic insurers. Effective October 1, 1995, every insurer shall file a report with the Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements, unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the Commissioner for review, approval, or informational purposes under any other provisions of this Chapter or the North Carolina Administrative Code. This report is due within 15 days after the end of the calendar month in which any of these transactions occurred. A copy of the report, including any filed exhibits or other attachments, shall also be filed with the NAIC.(b) All reports obtained by or disclosed to the Commissioner under this Part are confidential and are not subject to subpoena. No report shall be made public by the Commissioner, the NAIC, or any other person, except to insurance regulators of other states, without the prior written consent of the reporting insurer, unless the Commissioner, after giving the insurer notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication of the report. In that event, the Commissioner may publish all or any part of the report in a manner the Commissioner considers appropriate. (1995, c. 318, s. 1.)
NC Gen Stat § 58-10-60 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-60 - Acquisitions and dispositions of assets.

 58-10-60. Acquisitions and dispositions of assets.(a) Insurers do not have to report acquisitions or dispositions under G.S. 58-10-55 if they are not material. For the purposes of this Part, a material acquisition or the aggregate of any series of related acquisitions during any 30-day period, or a material disposition or the aggregate of any series of related dispositions during any 30-day period, is one that is nonrecurring, not in the ordinary course of business, and involves more than five percent (5%) of the insurer's total admitted assets as reported in its most recent financial statement filed with the Department.(b) Asset acquisitions subject to this Part include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition, other than the construction or development of real property by or for the insurer or the acquisition of materials for that purpose. Asset dispositions subject to this Part include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.(c) The following information shall be disclosed in any report under this section:(1) Date of the transaction.(2) Manner of acquisition or disposition.(3) Description of the assets involved.(4) Nature and amount of the consideration given or received.(5) Purpose of, or reason for, the transaction.(6) Manner by which the amount of consideration was determined.(7) Gain or loss recognized or realized as a result of the transaction.(8) Name of each person from whom the assets were acquired or to whom they were disposed.(d) Every insurer shall report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers that uses a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer cedes substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars ($1,000,000) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus. (1995, c. 318, s. 1.)
NC Gen Stat § 58-10-75 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-75 - Purpose and legislative intent.

 58-10-75. Purpose and legislative intent.This Part provides a basis for the creation of protected cells by a domestic insurer as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer's insurance obligations or to repay the investors or both. The creation of protected cells is intended to be a means to achieve more efficiencies in conducting insurance securitizations. (2001-223, s. 25.)
NC Gen Stat § 58-10-95 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-95 - Reach of creditors and other claimants.

 58-10-95. Reach of creditors and other claimants.(a) Protected cell assets shall only be available to the creditors of the protected cell company that are creditors with respect to that protected cell and, accordingly, are entitled, in conformity with this Chapter, to have recourse to the protected cell assets attributable to that protected cell and are absolutely protected from the creditors of the protected cell company that are not creditors with respect to that protected cell and who, accordingly, are not entitled to have recourse to the protected cell assets attributable to that protected cell. Creditors with respect to a protected cell are not entitled to have recourse against the protected cell assets of other protected cells or the assets or the protected cell company's general account. Protected cell assets are only available to creditors of a protected cell company after all protected cell liabilities have been extinguished or otherwise provided for in accordance with the plan of operation relating to that protected cell.(b) When an obligation of a protected cell company to a person arises from a transaction, or is otherwise imposed, with respect to a protected cell:(1) That obligation of the protected cell company extends only to the protected cell assets attributable to that protected cell, and the person, with respect to that obligation, is entitled to have recourse only to the protected cell assets attributable to that protected cell; and(2) That obligation of the protected cell company does not extend to the protected cell assets of any other protected cell or the assets of the protected cell company's general account, and that person, with respect to that obligation, is not entitled to have recourse to the protected cell assets of any other protected cell or the assets of the protected cell company's general account.(c) When an obligation of a protected cell company relates solely to the general account, the obligation of the protected cell company extends only to, and that creditor, with respect to that obligation, is entitled to have recourse only to the assets of the protected cell company's general account.(d) The activities, assets, and obligations relating to a protected cell are not subject to the provisions of Articles 48 and 62 of this Chapter, and neither a protected cell nor a protected cell company may be assessed by, or otherwise be required to contribute to, any guaranty fund or guaranty association in this State with respect to the activities, assets, or obligations of a protected cell. Nothing in this subsection affects the activities or obligations of an insurer's general account.(e) The establishment of one or more protected cells alone does not constitute a fraudulent conveyance, an intent by the protected cell company to defraud creditors, or the carrying out of business by the protected cell company for any other fraudulent purpose. (2001-223, s. 25.)
NC Gen Stat § 58-10-100 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-100 - Conservation, rehabilitation, or liquidation of protected cell companies.

 58-10-100. Conservation, rehabilitation, or liquidation of protected cell companies.(a) Notwithstanding any other provision of law or rule, upon an order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in accordance with the requirements set forth in this Part.(b) With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver may not be reduced or diminished as a result of the entry of an order of conservation, rehabilitation, or liquidation with respect to the protected cell company, notwithstanding any provisions to the contrary in the contracts or other documentation governing the protected cell company insurance securitization. (2001-223, s. 25.)
NC Gen Stat § 58-10-105 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-105 - No transaction of an insurance business.

 58-10-105. No transaction of an insurance business.A protected cell company insurance securitization may not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, may not be deemed to be conducting an insurance business in this State. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a protected cell company insurance securitization may not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection with that business. (2001-223, s. 25.)
NC Gen Stat § 58-10-110 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-110 - Authority to adopt rules.

 58-10-110. Authority to adopt rules.The Commissioner may adopt rules necessary to effectuate the purposes of this Part. (2001-223, s. 25.)
NC Gen Stat § 58-10-120 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-120 - Definitions.

 58-10-120. Definitions.As used in this Part:(1) "Mortgage guaranty insurers report of policyholders position" means the supplementary report required by the Commissioner.(2) "Policyholders position" means the contingency reserve established under G.S. 58-10-135 and policyholders' surplus. "Minimum policyholders position" is calculated as described in G.S. 58-10-125.(3) "Policyholders surplus" means an insurer's net worth; the difference between its assets and liabilities, as reported in its annual statement. (2001-223, s. 11; 2005-215, s. 11.)
NC Gen Stat § 58-10-130 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-130 - Unearned premium reserve.

 58-10-130. Unearned premium reserve.(a) The unearned premium reserve shall be computed as follows:(1) The unearned premium reserve for premiums paid in advance annually shall be calculated on the monthly pro rata fractional basis.(2) Premiums paid in advance for 10-year coverage shall be placed in the unearned premium reserve and shall be released from this reserve as follows:a. 1st month - 1/132;b. 2nd through 12th month - 2/132 each month;c. 13th month - 3/264;d. 14th through 120th month - 1/132 per month;e. 121st month - 1/264(3) Premiums paid in advance for periods in excess of 10 years. During the first 10 years of coverage the unearned portion of the premium shall be the premium collected minus an amount equal to the premium that would have been earned had the applicable premium for 10 years of coverage been received. The premium remaining after 10 years shall be released from the unearned premium reserve monthly pro rata over the remaining term of coverage.(b) Repealed by Session Laws 2001-334, s. 16.1.(c) The case basis method shall be used to determine the loss reserve which shall include a reserve for claims reported and unpaid and a reserve for claims incurred but not reported. (2001-223, s. 11; 2001-334, s. 16.1.)
NC Gen Stat § 58-10-140 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-140 - Report of policyholder's position.

 58-10-140. Report of policyholder's position.Each mortgage guaranty insurance company doing business in this State must file on a form prescribed by the Commissioner a Mortgage Guaranty Insurers Report of Policyholders Position. The supplemental reports shall be filed with the annual and quarterly statements pursuant to G.S. 58-2-165. (2005-215, s. 12.)
NC Gen Stat § 58-10-145 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 10 - Miscellaneous Insurer Financial Provisions.|§ 58-10-145 - Monoline requirement for mortgage guaranty insurers.

 58-10-145. Monoline requirement for mortgage guaranty insurers.A mortgage guaranty insurance company that transacts any kind of insurance other than mortgage guaranty insurance is not eligible to transact business in this State. Provided, however, that a mortgage guaranty insurance company may, until December 31, 2012, assume reinsurance for "credit insurance," as defined in G.S. 58-7-15(17).  (2007-127, s. 7; 2008-124, s. 2.2.)