58-7-1. Application of this Chapter and general laws. The general provisions of law relative to the powers, duties, and liabilities of corporations apply to all incorporated domestic insurance companies where pertinent and not in conflict with other provisions of law relative to such companies or with their charters. All insurance companies of this State shall […]
58-7-10. Certificate required before issuing policies. No domestic insurance company may issue policies until upon examination of the Commissioner, his deputy or examiner, it is found to have complied with the laws of the State, and until it has obtained from the Commissioner a certificate setting forth that fact and authorizing it to issue policies. […]
58-7-105. Authority to increase or reduce capital stock. The Commissioner shall, upon application, examine the proceedings of domestic companies to increase or reduce their capital stock, and when found conformable to law shall issue certificates of authority to such companies to transact business upon such increased or reduced capital: Provided, that in no event shall […]
58-7-110. Assessment of shares; revocation of license. When the net assets of a company organized under this Article do not amount to more than the amount required in G.S. 58-7-75 for its original capital, it may make good its capital to the original amount by assessment of its stock. Shares on which such an assessment […]
58-7-115. Increase of capital stock. Any company organized under the provisions of Articles 1 through 64 of this Chapter may issue pro rata to its stockholders certificates of any portion of its surplus which shall be considered an increase of its capital to the amount of such certificates. As used in this section, "surplus" means […]
58-7-120. Reduction of capital stock. When the capital stock of a company organized under this Article is impaired, the company may, upon a vote of the majority of the stock represented at a meeting legally called for that purpose, reduce its capital stock and the number of shares thereof to an amount not less than […]
58-7-125. Dividends not payable when capital stock impaired; liability of stockholders for unlawful dividends. No dividend shall be paid by any company incorporated in this State when its capital stock is impaired, or when such payment would have the effect of impairing its capital stock; and any dividend so paid subjects the stockholders receiving it […]
58-7-130. Dividends and distributions to stockholders. (a) Each domestic insurance company in North Carolina shall be restricted by the Commissioner from the payment of any dividends or other distributions to its stockholders whenever the Commissioner determines from examination of the company’s financial condition that the payment of future dividends or other distributions would cause a […]
58-7-140. Certain officers debarred from commissions. No officer or other person whose duty it is to determine the character of the risk, and upon whose decision the application shall be accepted or rejected by an insurance company, shall receive as any part of his compensation a commission upon the premiums, but his compensation shall be […]
58-7-145. Restrictions on purchase and sale of equity securities of domestic companies. (a) Statement of Ownership of Equity Securities. – Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company or who is a director or […]
58-7-15. Kinds of insurance authorized. The kinds of insurance that may be authorized in this State, subject to the other provisions of Articles 1 through 64 of this Chapter, are set forth in this section. Except to the extent an insurer participates in a risk sharing plan under Article 42 of this Chapter, nothing in […]
58-7-150. Consolidation. (a) A domestic insurer may consolidate with another insurer, subject to the following conditions: (1) The plan of consolidation must be submitted to and be approved by the Commissioner before the consolidation. (2) The Commissioner shall not approve the plan unless the Commissioner finds that it is fair, equitable to policyholders, consistent with […]
58-7-16. Funding agreements authorized. (a) As used in this section, "funding agreement" means an agreement that authorizes a licensed life insurer to accept funds and that provides for an accumulation of funds for the purpose of making one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies. […]
58-7-160. Investments unlawfully acquired. Whenever it appears by examination as authorized by law that a domestic insurer has acquired any assets in violation of the law in force on the date of the acquisition, the Commissioner shall disallow the amount of the assets, if wholly ineligible, or the amount of the value thereof in excess […]
58-7-162. Allowable or admitted assets. In any determination of the financial condition of an insurer, there shall be allowed as assets only those assets owned by an insurer and that consist of: (1) Cash in the possession of the insurer, or in transit under its control, and including the true balance of any deposit in […]
58-7-163. Assets not allowed. In addition to assets impliedly excluded by the provisions of G.S. 58-7-162, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Repealed by Session Laws 2003-212, s. 7, effective October 1, 2003. (2) Advances (other than policy loans) to officers, […]
58-7-165. Eligible investments. (a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this Chapter. (b) Any particular investment held by an insurer on December 31, 1991, that was a legal investment when it was made, and that the insurer […]
58-7-167. General qualifications. (a) No security or investment, other than real or personal property acquired under G.S. 58-7-187, is eligible for acquisition unless it is interest-bearing or interest-accruing, is entitled to receive dividends if and when declared and paid, or is otherwise income-producing, is not then in default in any respect, and the insurer is […]
58-7-168. Authorization of investment. An insurer shall not make any investment or loan, other than a policy loan or annuity contract loan of a life insurer, unless the investment or loan is authorized or approved by the insurer’s board of directors or by a committee authorized by the board and charged with the supervision or […]
58-7-170. Diversification. (a) Every insurer must maintain an amount equal to its entire policyholder-related liabilities and the minimum capital and surplus required to be maintained by the insurer under this Chapter invested in coin or currency of the United States and in investments authorized under this Chapter, other than the investments authorized under G.S. 58-7-183 […]
