58-10-1. Stock to mutual insurer conversion. Any domestic stock life insurance corporation may become a mutual life insurance corporation, and to that end may carry out a plan for the acquisition of shares of its capital stock: Provided, however, that such plan (i) shall have been adopted by a vote of a majority of the […]
58-10-10. Mutual to stock insurer conversion. (a) A domestic mutual insurer may convert to a domestic stock insurer under a plan that is approved in advance by the Commissioner. (b) The Commissioner shall not approve the plan unless: (1) It is fair and equitable to the insurer’s policyholders. (2) It is adopted by the insurer’s […]
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 […]
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 […]
58-10-110. Authority to adopt rules. The Commissioner may adopt rules necessary to effectuate the purposes of this Part. (2001-223, s. 25.)
58-10-12. Conversion plan requirements. (a) As used in this section: (1) "Closed block" means an allocation of assets for a defined group of in-force policies which, together with the premiums of those policies and related investment earnings, are expected to be sufficient to maintain the payments of guaranteed benefits, certain expenses, and continuation of the […]
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; […]
58-10-125. Policyholders position and capital and surplus requirements. (a) For the purpose of complying with G.S. 58-7-75, a mortgage guaranty insurer shall maintain at all times a minimum policyholders position of not less than one twenty-fifth of the insurer’s aggregate insured risk outstanding. The policyholders position shall be net of reinsurance ceded but shall include […]
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 […]
58-10-135. Contingency reserve for mortgage guaranty insurers. (a) Subject to G.S. 58-7-21, a mortgage guaranty insurer shall make an annual contribution to the contingency reserve which in the aggregate shall be fifty percent (50%) of the net earned mortgage guaranty premium reported in the annual statement. (b) Repealed by Session Laws 2007-127, s. 6, effective […]
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.)
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). […]
58-10-150. Statement of actuarial opinion. Every property and casualty insurance company doing business in this State, unless otherwise exempted by the Commissioner, shall annually submit the opinion of an appointed actuary entitled, "statement of actuarial opinion." This opinion shall be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions. (2007-127, s. […]
58-10-155. Actuarial opinion summary. (a) Every property and casualty insurance company domiciled in this State that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, written by the company’s appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate NAIC Property and Casualty Annual […]
58-10-160. Actuarial report and work papers. (a) An actuarial report and underlying work papers as required by the appropriate NAIC Property and Casualty Annual Statement Instructions shall be prepared to support each statement of actuarial opinion and actuarial opinion summary. (b) If an insurance company fails to provide a supporting actuarial report or work papers […]
58-10-165. Monetary penalties for failure to provide documents. A company that fails to provide a statement of actuarial opinion, actuarial opinion summary, actuarial report, or work papers within the time frame provided in the Commissioner’s written request, is subject to the monetary penalties set forth in G.S. 58-2-70. (2007-127, s. 15.)
58-10-170. Qualified immunity of appointed actuary. The appointed actuary shall not be liable for damages to any person other than the insurance company or the Commissioner for any act, error, omission, decision, or conduct with respect to the appointed actuary’s opinion, except in cases of fraud or willful misconduct by the appointed actuary. (2007-127, s. […]
58-10-175. Confidentiality. (a) The statement of actuarial opinion shall be treated as a public record. (b) Documents, materials, or other information in the possession or control of the Department that are considered an actuarial opinion summary, actuarial report, or work papers provided in support of the opinion, and any other material provided by the company […]
58-10-185. Purpose and scope. (a) The purpose of this Part is to improve the Commissioner’s ability to monitor the financial condition of insurers by requiring (i) an annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants, (ii) communication of internal control related matters […]
58-10-190. Definitions. As used in this Part: (1) "Accountant" or "independent certified public accountant" means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants (AICPA) and in all states in which he or she is licensed to practice; for Canadian and British companies, it means […]
