reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-11-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-20 - Deposits and advance assessments required.

 58-11-20. Deposits and advance assessments required.Every domestic insurance company, association, order, or fraternal benefit society doing business on the assessment plan shall collect and keep at all times in its treasury one regular loss assessment sufficient to pay one regular average loss; and no such company, association, order, or fraternal benefit society shall be licensed by the Commissioner unless it makes and maintains with him for the protection of its obligations at least five thousand dollars ($5,000) in United States or North Carolina bonds, in farm loan bonds issued by federal loan banks, or in the bonds of some city, county, or town of North Carolina to be approved by the Commissioner, or deposit with him a good and sufficient bond , secured by a deed of trust on real estate situated in North Carolina and approved by him, or by depositing with the Commissioner a bond in an amount of not less than five thousand dollars ($5,000), issued by any corporate surety company authorized to do business in this State. The Commissioner may increase the amount of deposit to the amount of reserve on the contracts of the association or society. The provisions of this section shall not apply to the farmers mutual fire insurance associations now doing business in the State and restricting their activities to not more than six adjacent counties. (Rev., s. 4792; 1913, c. 119, s. 1; 1917, c. 191, s. 2; C.S., s. 6360; 1933, c. 47; 1945, c. 386; 1991, c. 720, ss. 4, 87.)
NC Gen Stat § 58-11-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-25 - Deposits by foreign assessment companies or orders.

 58-11-25. Deposits by foreign assessment companies or orders.Each foreign insurance company, association, order, or fraternal benefit society doing business in this State on the assessment plan shall keep at all times deposited with the Commissioner or in its head office in this State, or in some responsible banking or trust company, one regular assessment sufficient to pay the average loss or losses occurring among its members in this State during the time allowed by it for the collection of assessments and payment of losses. It shall notify the Commissioner of the place of deposit and furnish him at all times such information as he requires in regard thereto; and no such company, association, order, or fraternal benefit society shall be licensed by the Commissioner unless it makes and maintains with him for the protection of its obligations at least five thousand dollars ($5,000) in United States or North Carolina bonds, in farm loan bonds issued by federal land banks, or in the bonds of some county, city, or town in North Carolina to be approved by the Commissioner, or a good and sufficient bond or note, secured by deed of trust on real estate situate in North Carolina, and approved by the Commissioner. (1899, c. 54, s. 84; 1903, c. 438, s. 9; Rev., s. 4713; 1913, c. 119, ss. 2, 3; 1917, c. 191, s. 2; C.S., s. 6361; 1945, c. 386; 1991, c. 720, s. 4.)
NC Gen Stat § 58-11-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-30 - Revocation of license.

 58-11-30. Revocation of license.If any such corporation, association, or order at any time fails to comply with the provisions of G.S. 58-11-20 and 58-11-25 or shall issue policies or certificates not in accord with its charter and bylaws, as provided in this Article, the Commissioner shall forthwith suspend or revoke all authority to it, and of all its agents or officers, to do business in this State, and shall publish such revocation in some newspaper published in this State. (1899, c. 54, s. 85; Rev., s. 4793; C.S., s. 6362; 1991, c. 720, s. 4.)
NC Gen Stat § 58-11-35 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 11 - Assessment Companies.|§ 58-11-35 - Mutual life insurance companies; assessments prohibited.

 58-11-35. Mutual life insurance companies; assessments prohibited.No domestic mutual life insurance company shall, after March 6, 1945, be organized to issue any policy of life insurance or any annuity contract which provides for the payment of any assessment by any policyholder or member in addition to the regular premium charged for such insurance; nor shall any such company have power to levy or collect any such assessment. No foreign or alien life insurance company shall be permitted to do business in this State if it does business, in this State or elsewhere, on such or any other assessment plan. (1945, c. 386.)
NC Gen Stat § 58-12-4 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-4 - Finding; endorsement of additional capital.

 58-12-4. Finding; endorsement of additional capital.The General Assembly finds that an excess of capital over the amount produced by the risk-based capital requirements contained in this Article and in the formulas, schedules, and instructions referenced in this Article is desirable in the business of insurance. Accordingly, the General Assembly encourages insurers to seek to maintain capital above the risk-based capital levels required by this Article. Additional capital is used and useful in the insurance business and helps to secure an insurer against various risks inherent in or affecting the business of insurance but not accounted for or only partially measured by the risk-based capital requirements contained in this Article. (1995, c. 318, s. 3.)
NC Gen Stat § 58-12-6 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-6 - Risk-based capital reports.

 58-12-6. Risk-based capital reports.(a) Every domestic insurer shall, on or before each March 1 (the "filing date"), prepare and submit to the Commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing such information as is required by the risk-based capital instructions. In addition, every domestic insurer shall file its risk-based capital report:(1) With the NAIC in accordance with the risk-based capital instructions; and(2) With the insurance regulator in any state in which the insurer is authorized to do business, if the Commissioner has notified the insurer of its request in writing, in which case the insurer shall file its risk-based capital report not later than the later of:a. Fifteen days after the receipt of notice to file its risk-based capital report with that state; orb. The filing date.(b) A life or health insurer's risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account (and may adjust for the covariance between):(1) The risk with respect to the insurer's assets;(2) The risk of adverse insurance experience with respect to the insurer's liabilities and obligations;(3) The interest rate risk with respect to the insurer's business; and(4) All other business risks and such other relevant risks as are set forth in the risk-based capital instructions.These risks shall be determined in each case by applying the factors in the manner set forth in the risk-based capital instructions.  (c) If a domestic insurer files a risk-based capital report that in the judgment of the Commissioner is inaccurate, the Commissioner shall adjust the risk-based capital report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A risk-based capital report as adjusted is referred to as an "adjusted risk-based capital report".(d) A property or casualty insurer's risk-based capital and a health organization's risk-based capital shall be determined in accordance with the formula set forth in the risk-based capital instructions. The formula shall take into account (and may adjust for the covariance between):(1) Asset risk;(2) Credit risk;(3) Underwriting risk; and(4) All business and other relevant risks set forth in the risk-based capital instructions, determined in each case by applying the factors in the manner set forth in the risk-based capital instructions. (1993 (Reg. Sess., 1994), c. 678, s. 1; 1995, c. 318, s. 4; 2001-223, s. 12.4.)
NC Gen Stat § 58-12-21 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-21 - Authorized control level event.

 58-12-21. Authorized control level event.(a) "Authorized control level event" means any of the following events:(1) The filing of a risk-based capital report by the insurer that indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level risk-based capital but less than its authorized control level risk-based capital.(2) The notification by the Commissioner to the insurer of an adjusted risk-based capital report that indicates the event in subdivision (1) of this subsection if the insurer does not challenge the adjusted risk-based capital report under G.S. 58-12-30.(3) If the insurer challenges an adjusted risk-based capital report that indicates the event in subdivision (1) of this subsection under G.S. 58-12-30, notification by the Commissioner to the insurer that the Commissioner has rejected the challenge.(4) The failure of the insurer to respond, in a manner satisfactory to the Commissioner, to a Corrective Order if the insurer has not challenged the Corrective Order under G.S. 58-12-30.(5) If the insurer has challenged a Corrective Order under G.S. 58-12-30 and the Commissioner has rejected the challenge or modified the Corrective Order, the failure of the insurer to respond, in a manner satisfactory to the Commissioner, to the Corrective Order after the rejection or modification by the Commissioner.(b) In the event of an authorized control level event with respect to an insurer, the Commissioner shall:(1) Take such actions as are required under G.S. 58-12-30 regarding an insurer with respect to which a regulatory action level event has occurred; or(2) If the Commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under Article 30 of this Chapter. If the Commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the Commissioner to take action under Article 30 of this Chapter, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in Article 30 of this Chapter. If the Commissioner takes actions under this subdivision pursuant to an adjusted risk-based capital report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of Article 30 of this Chapter pertaining to summary proceedings. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
NC Gen Stat § 58-12-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-30 - Hearings.

 58-12-30. Hearings.Upon (i) notification to an insurer by the Commissioner of an adjusted risk-based capital report; or (ii) notification to an insurer by the Commissioner that the insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory, and the notification constitutes a regulatory action level event with respect to the insurer; or (iii) notification to any insurer by the Commissioner that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its risk-based capital plan or revised risk-based capital plan; or (iv) notification to an insurer by the Commissioner of a corrective order with respect to the insurer, the insurer has a right to a confidential hearing, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within five days after the notification by the Commissioner under this section. Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing; the date shall be no less than 10 days nor more than 30 days after the date of the insurer's request. (1993 (Reg. Sess., 1994), c. 678, s. 1; 1995, c. 517, s. 5.)
NC Gen Stat § 58-12-40 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-40 - Supplemental provisions; rules; exemptions.

 58-12-40. Supplemental provisions; rules; exemptions.(a) The provisions of this Article are supplemental to any other provisions of the laws of this State, and do not preclude or limit any other powers or duties of the Commissioner under those laws, including Article 30 of this Chapter.(b) Risk-based capital instructions, risk-based capital reports, adjusted risk-based capital reports, risk-based capital plans, and revised risk-based capital plans are solely for use by the Commissioner in monitoring the solvency of insurers and the need for possible corrective action with respect to insurers. The Commissioner shall not use any of these reports or plans for rate making nor consider or introduce them as evidence in any rate proceeding. The Commissioner shall not use these reports or plans to calculate or derive any elements of an appropriate premium level or rate of return for any kind of insurance that an insurer or any affiliate is authorized to write.(c) The Commissioner may exempt from the application of this Article any domestic property or casualty insurer that:(1) Writes direct business only in this State.(2) Writes direct annual premiums of two million dollars ($2,000,000) or less.(3) Assumes no reinsurance in excess of five percent (5%) of direct written premiums.(d) The Commissioner may, in the Commissioner's discretion, exempt from the application of this Article:(1) Any domestic town or county mutual insurance company organized under G.S. 58-7-75(5)d.(2) Any domestic life or health insurer that:a. Has no direct or assumed annual premiums; andb. Has no direct or assumed policyholder obligations.(3) Any domestic health maintenance organization that:a. Writes only direct business in this State;b. Assumes no reinsurance in excess of five percent (5%) of direct written premiums; andc. Writes direct annual premiums for a comprehensive medical business of two million dollars ($2,000,000) or less, or is a single service health maintenance organization that covers less than 2,000 lives. (1993 (Reg. Sess., 1994), c. 678, s. 1; 1995, c. 318, s. 6; 2005-215, s. 22.)
NC Gen Stat § 58-12-45 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-45 - Foreign insurers.

 58-12-45. Foreign insurers.(a) Any foreign insurer shall, upon written request of the Commissioner, submit to the Commissioner a risk-based capital report as of the end of the calendar year just ended the later of:(1) The date a risk-based capital report would be required to be filed by a domestic insurer under this Article; or(2) Fifteen days after the request is received by the foreign insurer.Any foreign insurer shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any risk-based capital plan that is filed with the insurance regulator of any other state.  (b) In the event of a company action level event, regulatory action level event, or authorized control level event with respect to any foreign insurer as determined under the risk-based capital statute or rule applicable in the state of domicile of the insurer, or if no risk-based capital statute or rule is in force in that state under the provisions of this Article, if the insurance regulator of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under the risk-based capital statute or, if no risk-based capital provision is in force in that state, under G.S. 58-12-11, the Commissioner may require the foreign insurer to file a risk-based capital plan with the Commissioner. In that event the failure of the foreign insurer to file a risk-based capital plan with the Commissioner is grounds to order the insurer to cease and desist from writing new insurance business in this State.(c) In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation or liquidation statutes of the state of domicile of the foreign insurer, the Commissioner may make application to the Superior Court of Wake County as permitted under Article 30 of this Chapter with respect to the liquidation of property of foreign insurers found in this State; and the occurrence of the mandatory control level event is an adequate ground for the application. (1993 (Reg. Sess., 1994), c. 678, s. 1; 1995, c. 193, s. 23.)
NC Gen Stat § 58-12-50 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-50 - Notices.

 58-12-50. Notices.All notices by the Commissioner to an insurer that may result in regulatory action under this Article are effective upon dispatch if transmitted by registered or certified mail; or in the case of any other transmission are effective upon the insurer's receipt of the notice. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
NC Gen Stat § 58-12-55 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-55 - Phase-in provision.

 58-12-55. Phase-in provision.For risk-based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of G.S. 58-12-11:(1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.(2) In the event of a regulatory action level event under G.S. 58-12-16(a)(1), (2), or (3) the Commissioner shall take the actions required under G.S. 58-12-11.(3) In the event of a regulatory action level event under G.S. 58-12-16(a)(4), (5), (6), (7), (8), or (9) or an authorized control level event, the Commissioner shall take the actions required under G.S. 58-12-16 with respect to the insurer.(4) In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under G.S. 58-12-21 with respect to the insurer. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
NC Gen Stat § 58-12-60 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-60 - Property or casualty phase-in provision.

 58-12-60. Property or casualty phase-in provision.For risk-based capital reports required to be filed by property or casualty insurers with respect to 1995, the following requirements apply in lieu of the provisions of G.S. 58-12-11, 58-12-16, 58-12-21, and 58-12-25:(1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action under this Article.(2) In the event of a regulatory action level event under G.S. 58-12-16(a)(1), (2), or (3), the Commissioner shall take the actions required under G.S. 58-12-11.(3) In the event of a regulatory action level event under G.S. 58-12-16(a)(4), (5), (6), (7), (8), or (9), or an authorized control level event, the Commissioner shall take the actions required under G.S. 58-12-16 with respect to the insurer.(4) In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under G.S. 58-12-21 with respect to the insurer. (1995, c. 318, s. 7.)
NC Gen Stat § 58-12-65 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-65 - Health organization phase-in provision.

 58-12-65. Health organization phase-in provision.For risk-based capital reports required to be filed by health organizations with respect to calendar year 2001, the following requirements apply in lieu of the provisions of G.S. 58-12-11, 58-12-16, 58-12-21, and 58-12-25:(1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action under this Article.(2) In the event of a regulatory action level event under G.S. 58-12-16(a)(1), (2), or (3), the Commissioner shall take the actions required under G.S. 58-12-11.(3) In the event of a regulatory action level event under G.S. 58-12-16(a)(4), (5), (6), (7), (8) or (9), or an authorized control level event, the Commissioner shall take the actions required under G.S. 58-12-16 with respect to the insurer.(4) In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under G.S. 58-12-21 with respect to the insurer. (2001-223, s. 12.9.)
NC Gen Stat § 58-12-70 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 12 - Risk-Based Capital Requirements.|§ 58-12-70 - HMO net worth requirements.

 58-12-70. HMO net worth requirements.The Commissioner may require an HMO to have and maintain a larger amount of net worth than prescribed in G.S. 58-67-110, based upon the principles of risk-based capital as determined by the NAIC or the Commissioner. (2001-223, s. 12.10.)
NC Gen Stat § 58-13-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-1 - Title.

 58-13-1. Title.This Article shall be known and may be cited as the "Asset Protection Act." (1985, c. 327, s. 1.)
NC Gen Stat § 58-13-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-5 - Purposes.

 58-13-5. Purposes.The purposes of this Article are to require insurers to maintain unencumbered assets in amounts equal to policyholder-related liabilities and minimum required capital and minimum required surplus; to provide preferential claims against insurers' assets in favor of owners, beneficiaries, assignees, and holders of insurance policies and certificates; and to prevent the pledging, hypothecation, or encumbrance of assets without a prior written order of the Commissioner. (1985, c. 327, s. 1; 1991, c. 681, s. 30.1; 1993, c. 504, s. 7.)
NC Gen Stat § 58-13-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 13 - Asset Protection Act.|§ 58-13-10 - Scope.

 58-13-10. Scope.This Article applies to all domestic insurers and to all kinds of insurance written by those insurers under Articles 1 through 68 of this Chapter. Foreign insurers shall comply in substance with the requirements and limitations of this Article. This Article does not apply to the following:(1) Variable contracts or guaranteed investment contracts for which separate accounts are required to be maintained.(2) Statutory deposits that are required by insurance regulatory agencies to be maintained as a requirement for doing business in such jurisdictions.(3) Real estate, authorized under G.S. 58-7-187, encumbered by a mortgage loan with a first lien. (1985, c. 327, s. 1; 1991, c. 681, s. 30.2; 1993, c. 452, s. 25; 1993 (Reg. Sess., 1994), c. 678, s. 13; 1999-244, s. 4; 2001-223, s. 13.1; 2002-187, s. 2.8.)