§ 58-22-35 – Purchasing groups; exemption from certain laws relating to the group purchase of insurance.
58-22-35. Purchasing groups; exemption from certain laws relating to the group purchase of insurance. (a) Any purchasing group meeting the criteria established under the provisions of 15 U.S.C. 3901 et seq. is exempt from any law of this State relating to the creation of groups for the purchase of insurance, prohibition of group purchasing, or […]
§ 58-22-40 – Notice and registration requirements of purchasing groups.
58-22-40. Notice and registration requirements of purchasing groups. (a) A purchasing group that intends to do business in this State shall, before doing business, furnish notice to the Commissioner that shall: (1) Identify the state in which the group is domiciled; (2) Specify the lines and classifications of liability insurance that the purchasing group intends […]
§ 58-22-45 – Restriction on insurance purchased by purchasing groups.
58-22-45. Restriction on insurance purchased by purchasing groups. (a) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state nor from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker […]
§ 58-22-50 – Administrative and procedural authority regarding risk retention groups and purchasing groups.
58-22-50. Administrative and procedural authority regarding risk retention groups and purchasing groups. The Commissioner is authorized to make use of any of the powers established under Articles 1 through 64 of this Chapter to enforce the laws of this State as long as those powers are not specifically preempted by the Product Liability Risk Retention […]
§ 58-22-55 – Penalties.
58-22-55. Penalties. A risk retention group that violates any provision of this Article is subject to G.S. 58-2-70. (1985 (Reg. Sess., 1986), c. 1013, s. 8; 1987, c. 310.)
§ 58-22-60 – Duty of agents or brokers to obtain license.
58-22-60. Duty of agents or brokers to obtain license. Any person acting, or offering to act, as an agent or broker for a risk retention group or purchasing group, that solicits members, sells insurance coverage, purchases coverage for its members located within the State, or otherwise does business in this State shall, before commencing any […]
§ 58-22-65 – Binding effect of orders issued in U.SDistrict Court.
58-22-65. Binding effect of orders issued in U.S. District Court. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state, or in all states or in any territory or possession of the United States, upon a finding that such […]
§ 58-22-70 – Registration and renewal fees.
58-22-70. Registration and renewal fees. Every risk retention group and purchasing group that registers with the Commissioner under this Article shall pay the following fees: Risk retention group registration………………………………………………. $ 500.00 Purchasing group registration…………………………………………………… 500.00 Risk retention group renewal……………………………………………………. 1,500.00 Purchasing group renewal……………………………………………………….. 100.00 Registration fees shall not be prorated and must be submitted with […]
§ 58-22-30 – Countersignature not required.
58-22-30. Countersignature not required. A policy of insurance issued to a risk retention group or any member of that group is not required to be countersigned as otherwise provided in Articles 1 through 64 of this Chapter. (1985 (Reg. Sess., 1986), c. 1013, s. 8; 1987, c. 310.)
§ 58-22-1 – Purpose.
58-22-1. Purpose. The purpose of this Article is to regulate the formation and operation of risk retention and purchasing groups in this State that are formed pursuant to the provisions of the Product Liability Risk Retention Act of 1981, as amended by the Risk Retention Amendments of 1986 (15 U.S.C. 3901 et seq.). (1985 (Reg. […]