reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-13-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-15 - Definitions.

 58-13-15. Definitions.As used in this Article:(1) "Assets" means all property, real or personal, tangible or intangible, legal or equitable, owned by an insurer.(2) "Claimants" means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy covered by this Article.(3) "Reserve assets" means those assets of an insurer that are authorized investments for policy reserves in accordance with this Chapter.(4) "Policyholder-related liabilities" means those liabilities that are required to be established by an insurer for all of its outstanding insurance policies in accordance with this Chapter. (1985, c. 327, s. 1; 1993, c. 504, s. 8; 2001-223, ss. 13.2, 13.3.)
NC Gen Stat § 58-13-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-20 - Exception.

 58-13-20. Exception.(a) This Article does not apply to those reserve assets of an insurer that are held, deposited, pledged, hypothecated, or otherwise encumbered as provided in this section to secure, offset, protect, or meet those policyholder-related liabilities of the insurer that are established, incurred, or required under the provisions of a reinsurance agreement whereby the insurer has reinsured the insurance policy liabilities of a ceding insurer, provided:(1) The ceding insurer and the reinsurer are both licensed to transact business in this State;(2) Pursuant to a written agreement between the ceding insurer and the reinsurer, reserve assets substantially equal to the policyholder-related liabilities required to be established by the reinsurer on the reinsured business are either (i) deposited by or are withheld from the reinsurer and are in the custody of the ceding insurer as security for the payment of the reinsurer's obligations under the reinsurance agreement, and such assets are held subject to withdrawal by and under the separate or joint control of the ceding insurer, or (ii) deposited and held in trust account for that purpose and under those conditions with a qualified United States financial institution.(b) The Commissioner has the right to examine any of such assets, reinsurance agreements, or deposit arrangements at any time in accordance with his authority to make examinations of insurers as conferred by other provisions of this Chapter.(c) For purposes of subdivision (a)(2) of this section, "qualified United States financial institution" means an institution that:(1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any of its states;(2) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and(3) Has been determined by either the Commissioner or the Securities Valuation Office of the NAIC to meet the standards of financial condition and standing considered necessary and appropriate to regulate the quality of financial institutions who serve as trustees. (1985, c. 327, s. 1; 1993, c. 504, s. 9; 2001-223, s. 13.4; 2005-215, s. 25.)
NC Gen Stat § 58-13-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-25 - Prohibition of hypothecation.

 58-13-25. Prohibition of hypothecation.(a) Every insurer subject to this Article shall at all times have and maintain free and unencumbered reserve assets equal to an amount that is the total of its policyholder-related liabilities and its required minimum capital and minimum surplus and shall not pledge, hypothecate, or otherwise encumber those reserve assets. The Commissioner, upon application made to the Commissioner, may issue a written order approving the pledging, hypothecation, or encumbrance of any of the assets of an insurer not otherwise prohibited upon a finding that the pledging, hypothecation, or encumbrance will not adversely affect the insurer's solvency.(b) Every insurer shall file, along with any statement filed under G.S. 58-2-165, a statement sworn to by the chief executive officer of the insurer that: (i) Title to assets in an amount equal to the policyholder-related liabilities and minimum required capital and minimum required surplus of the insurer that are not pledged, hypothecated, or otherwise encumbered is vested in the insurer; (ii) the only assets of the insurer that are pledged, hypothecated, or otherwise encumbered are as identified and reported in the sworn statement and no other assets of the insurer are pledged, hypothecated, or otherwise encumbered; and (iii) the terms and provisions of the transaction of the pledge, hypothecation, or encumbrance are as reported in the sworn statement.(c) Any person that accepts a pledge, hypothecation, or encumbrance of any asset of an insurer, as security for a debt or other obligation of the insurer, not in accordance with this Article, is deemed to have accepted the asset subject to a superior, preferential, and automatically perfected lien in favor of claimants: Provided, that said lien does not apply to the assets of an insurer in a delinquency proceeding under Article 30 of this Chapter if the Commissioner or the court, whichever is appropriate, approves the pledge, hypothecation, or encumbrance of the assets.(d) In the event of the liquidation of any insurer subject to this Article, claimants of the insurer shall have a prior and preferential claim against all assets of the insurer except those that have been pledged, hypothecated, or encumbered in accordance with this Article. Subject to Article 30 of this Chapter, all claimants have equal status; and their prior and preferential claims are superior to any claim or cause of action against the insurer by any other person. (1985, c. 327, s. 1; 1989, c. 452, s. 4; 1991, c. 681, s. 30.3; 1993, c. 504, s. 10; 2002-187, s. 2.9.)
NC Gen Stat § 58-14-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 14 - Unauthorized Insurance by Domestic Companies.|§ 58-14-1 - Purpose of Article.

 58-14-1. Purpose of Article.It is the purpose of this Article to effectively control and regulate the activities of domestic insurance companies so as to prevent them from engaging in and transacting insurance business in states and jurisdictions in which they are not authorized to do a business of insurance. The General Assembly recognizes that insofar as domestic companies of this State engage in transacting insurance business in states and jurisdictions in which they are not authorized to do business that such activity subjects the domestic companies of this State to the penalties for such unlawful activities in other states and jurisdictions, and that such activities tend to substantially impair the effectiveness of the domestic companies in this State. The General Assembly also recognizes that the practices of unauthorized insurers could be largely corrected if each state would effectively regulate the activities of its domestic companies. The provisions of this Article are in addition to all other statutory provisions designed to control the activities of domestic companies and nothing herein shall be construed to amend, modify or repeal the provisions of existing laws. (1967, c. 935, s. 1.)
NC Gen Stat § 58-14-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 14 - Unauthorized Insurance by Domestic Companies.|§ 58-14-5 - Domestic insurers prohibited from transacting business in foreign states without authorization; exceptions.

 58-14-5. Domestic insurers prohibited from transacting business in foreign states without authorization; exceptions.Except as hereinafter provided, no domestic insurer organized under the laws of this State shall transact or attempt to transact or solicit business in any manner or accept risks in any jurisdiction in which such insurer is not licensed in accordance with the laws of such jurisdiction. There is excepted from the terms of this section the following acts and transactions:(1) Contracts entered into by a domestic company insuring a risk within a foreign state or jurisdiction, where the law of the foreign state or jurisdiction permits an unauthorized insurer to so contract;(2) Contracts entered into where the prospective insured is personally present in the state in which the insurer is authorized to transact business when he signs the application;(3) Contracts of reinsurance between a licensed insurer of the foreign state or jurisdiction and a domestic company;(4) The issuance of certificates under a lawfully transacted group life or group disability policy, where the master policy was entered into in a state in which the insurer was then authorized to transact business;(5) The renewal or continuance in force, with or without modification, of contracts otherwise lawful and which were not originally executed in violation of this section. (1967, c. 935, s. 1.)
NC Gen Stat § 58-14-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 14 - Unauthorized Insurance by Domestic Companies.|§ 58-14-10 - Domestic insurers; advertising; exceptions.

 58-14-10. Domestic insurers; advertising; exceptions.No domestic insurer shall knowingly solicit or advertise its insurance business in a state or jurisdiction in which it is not licensed as an authorized insurer. Provided, however, that this section shall not prohibit a domestic insurer from advertising through publications, radio or television if such advertising is not expressly directed toward the residents or subjects of insurance in a foreign state or other jurisdiction. Nor shall this section apply to trade journals or directories. (1967, c. 935, s. 1.)
NC Gen Stat § 58-14-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 14 - Unauthorized Insurance by Domestic Companies.|§ 58-14-15 - Penalties provided for unauthorized acts.

 58-14-15. Penalties provided for unauthorized acts.When any domestic insurer knowingly engages in the practice of soliciting, advertising or making contracts for insurance in states or jurisdictions in which it is not licensed, the Commissioner may issue an order requiring the company to cease and desist from engaging in such activities and, for the purposes of this section, the acts prohibited by G.S. 58-14-10 and the foregoing sections, are declared to be an unfair trade practice within the meaning of G.S. 58-63-15 and G.S. 58-63-40. When the Commissioner has reason to believe that any domestic company has been engaged or is engaging in the practice of knowingly soliciting, advertising or writing contracts of insurance on risks within a state or jurisdiction in which it is not licensed, the Commissioner shall serve the company with notice of hearing and the hearing shall conform with the hearing procedure set forth in G.S. 58-63-25. Any action taken by the Commissioner after the hearing shall comply with G.S. 58-63-32, and any company aggrieved by an order of the Commissioner is entitled to the judicial review provided in G.S. 58-63-35. (1967, c. 935, s. 1; 1991, c. 720, ss. 4, 54; 1995, c. 193, s. 24; 1995 (Reg. Sess., 1996), c. 742, s. 23.)
NC Gen Stat § 58-15-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-1 - Scope.

 58-15-1. Scope.This Article applies to all reciprocals and reciprocal insurance. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-5 - Definitions.

 58-15-5. Definitions.As used in this Article:(1) "Attorney" means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts.(2) "License" means a license to transact the business of insurance in this State, issued by the Commissioner.(3) In addition to the meaning of the term as defined in G.S. 12-3(6) and G.S. 58-1-5(9), "person" means any county, city, school board, hospital authority, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a local government or local government authority, that has the power to enter into contractual undertakings within or without the State.(4) "Reciprocal" means an aggregation of subscribers under a common name.(5) "Reciprocal insurance" means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.(6) "Subscriber" means a person obligated under a reciprocal insurance agreement. (1989, c. 425, s. 1; 1991, c. 720, s. 15; 1999-132, s. 9.1.)
NC Gen Stat § 58-15-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-10 - Kinds of insurance.

 58-15-10. Kinds of insurance.A reciprocal licensed in this State may write the kinds of insurance enumerated in G.S. 58-7-15, except life insurance, annuities, and title insurance. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-15 - Risk limitations.

 58-15-15. Risk limitations.(a) Except for Article 11 of this Chapter and as otherwise specifically provided, all the provisions of Articles 1 through 64 of this Chapter relating to insurers generally, and those relating to insurers writing the same kinds of insurance that reciprocals are permitted to write, are applicable to reciprocals.(b) A reciprocal shall be deemed to comply with G.S. 58-3-105 if:(1) It issues policies containing a contingent assessment liability, provided for in G.S. 58-15-60; and(2) It maintains reinsurance in an amount that the Commissioner considers adequate to reasonably limit the reciprocal's aggregate losses to the lesser of:a. Ten percent (10%) of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;b. The surplus to policyholders of the reciprocal multiplied by three; orc. Five million dollars ($5,000,000). (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-20 - Eligible contracting persons.

 58-15-20. Eligible contracting persons.(a) Persons of this State may enter into reciprocal insurance contracts with each other and with persons of other states and countries.(b) For any corporation now existing or subsequently organized under the laws of this State, the authority to enter into reciprocal insurance contracts is in addition to the authority conferred upon it in its charter and is incidental to the purposes for which the corporation is organized. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-25 - Business name.

 58-15-25. Business name.Every reciprocal shall have and use an appropriate business name that includes the word or words "reciprocal," "interinsurer," "interinsurance," or "exchange". (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-30 - License, surplus, and deposit requirements.

 58-15-30. License, surplus, and deposit requirements.(a) No reciprocal shall engage in any insurance transaction in this State until it has obtained a license to do so in accordance with the applicable provisions of Articles 1 through 64 of this Chapter. The license shall continue in full force and effect, subject to timely payment of an annual license continuation fee in accordance with G.S. 58-6-7 and subject to any other applicable provision of the insurance laws of this State.(b) No domestic or foreign reciprocal shall be licensed in this State unless it has a surplus to policyholders of at least eight hundred thousand dollars ($800,000); and no alien reciprocal shall be licensed unless it has a trusteed surplus of at least eight hundred thousand dollars ($800,000).(c) Each domestic, foreign, or alien reciprocal licensed in this State shall deposit and maintain deposits with the Commissioner of at least four hundred thousand dollars ($400,000) in cash or in value of securities of the kind specified in G.S. 58-5-15, which shall be subject to Article 5 of this Chapter. (1989, c. 425, s. 1; 2003-212, s. 26(e); 2004-203, s. 74(a); 2005-215, s. 24.)
NC Gen Stat § 58-15-35 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-35 - Continuation of business under prior requirements.

 58-15-35. Continuation of business under prior requirements.(a) Notwithstanding other provisions of Articles 1 through 64 of this Chapter regarding minimum required surplus, any reciprocal that was licensed to write and was writing any kind of insurance in this State on January 1, 1990 may continue to write that kind of insurance under the appropriate license from the Commissioner. Such reciprocal shall maintain at all times the minimum surplus, and the minimum trusteed surplus if an alien reciprocal, that was required before January 1, 1990.(b) Before any reciprocal obtains a license to write in this State any kind of insurance that it was not licensed to write and writing in this State on January 1, 1990, it shall comply with all the requirements of this Part regarding surplus. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-40 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-40 - Certification of foreign and alien reciprocals.

 58-15-40. Certification of foreign and alien reciprocals.No foreign reciprocal shall be licensed in this State until it files with the Commissioner a certificate of the insurance regulator of the state in which it is organized. The certificate shall show that the foreign reciprocal is licensed to write and is writing actively in that state the kind of insurance it proposes to write in this State. No alien reciprocal shall be licensed in this State until it files with the Commissioner a certificate of the insurance regulator of (i) the state through which it entered the United States or (ii) the alien reciprocal's domiciliary country. The certificate shall show that the alien reciprocal is licensed to write and is writing actively in that state or country the kind of insurance it proposes to write in this State. Foreign and alien reciprocals must also satisfy the appropriate provisions of Article 16 of this Chapter pertaining to admission requirements. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-45 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-45 - Attorney's domicile.

 58-15-45. Attorney's domicile.Nothing in Articles 1 through 64 of this Chapter regarding the admission and licensing of foreign and alien insurers requires that the attorney of a foreign or alien reciprocal be resident or domiciled in this State, or that the principal office of the attorney be maintained in this State. The office or offices of the attorney shall be determined by the subscribers through the power of attorney. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-50 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-50 - Contracts and property.

 58-15-50. Contracts and property.A reciprocal may enter into contracts and acquire, hold title to, and convey property in its business name. All contracts of a reciprocal, including its insurance contracts, shall be executed on behalf of the reciprocal by the attorney of the reciprocal. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-55 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-55 - Agent's license.

 58-15-55. Agent's license.No person shall act in this State as an agent of a reciprocal in the solicitation or procurement of applications for insurance, subscriber's agreements, or powers of attorney, or in the collection of premiums in connection with the reciprocal, without first procuring an agent's license from the Commissioner pursuant to Article 33 of this Chapter. An agent shall be appointed by each reciprocal the agent represents. (1989, c. 425, s. 1.)
NC Gen Stat § 58-15-60 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 15 - Reciprocal Insurance.|§ 58-15-60 - Subscribers' contingent liability.

 58-15-60. Subscribers' contingent liability.(a) Each subscriber insured under an assessable policy has a contingent assessment liability for payment of actual losses and expenses incurred by the reciprocal while his policy was in force. This liability is in the amount provided for in the power of attorney or subscriber's agreement.(b) The contingent assessment liability on any one policy in any one calendar year equals the premiums earned, as defined in G.S. 58-15-135, on the policy for that year multiplied by not more than ten.(c) The contingent assessment liability is several and not joint.(d) Each assessable policy issued by the reciprocal shall plainly set forth a statement of the contingent assessment liability on the front of the policy in capital letters, in contrasting color, and in no less than ten-point type. (1989, c. 425, s. 1.)