58-8-1. Mutual insurance companies organized; requisites for doing business. No policy may be issued by a mutual company until the president and the secretary of the company have certified under oath that every subscription for insurance in the list presented to the Commissioner for approval is genuine, and made with an agreement with every subscriber […]
58-8-10. Policyholders are members of mutual companies. (a) Every person insured by a mutual insurance company is a member while that person’s policy is in force, entitled to one vote for each policy that person holds, and shall be notified of the (i) time and (ii) place or method of remote communication, or both, for […]
58-8-15. Directors in mutual companies. Every mutual insurance company shall elect by ballot a board of not less than seven directors, who shall manage and conduct its business and hold office for one year or for such term as the bylaws provide and until their successors are qualified. The directors need not be residents of […]
58-8-20. Mutual companies with a guaranty capital. (a) A mutual insurance company formed as provided in Articles 1 through 64 of this Chapter, in lieu of the contributed surplus required for the organization of mutual companies under the provisions of G.S. 58-7-75, or a mutual insurance company now existing, may, with the prior approval of […]
58-8-25. Dividends to policyholders. (a) Any participating or dividend-paying company, stock or mutual or foreign or domestic, that writes other than life insurance or workers’ compensation insurance and employers’ liability insurance in connection therewith, may declare and pay a dividend to policyholders from its unassigned surplus, as reflected in the company’s most recent annual or […]
58-8-30. Contingent liability of policyholders. Every insurance company shall in its bylaws and policies prescribe the contingent liability, if any, of its members for the payment of losses, reserves and expenses not provided for by its assets, which contingent liability shall be in accordance with the provisions of G.S. 58-7-75. Each member is liable for […]
58-8-35. Contingent liability printed on policy. Every insurance company licensed to do business in this State shall print on each policy in clear and explicit language the full contingent liability of its members. (1945, c. 386; 1991, c. 644, s. 1; 1991 (Reg. Sess., 1992), c. 837, s. 2.)
58-8-36. Administrative fees. Statewide multiline limited assessable mutual insurance companies are not subject to the provisions of G.S. 58-33-85(b). (2011-196, s. 12.)
58-8-40. Nonassessable policies; foreign or alien companies. No foreign or alien insurance company shall be licensed to issue in this State nonassessable policies unless it has a free surplus equal in amount to that required of a domestic insurance company, writing the same kind or kinds of insurance, and in addition thereto has fully complied […]
58-8-45. Waiver of forfeiture in policies assigned or pledged; notice of assignment; payment of assessment or premium by assignee or mortgagee. When any policy of insurance is issued by any mutual insurance company or association other than life, organized under the laws of this State and such policy is assigned or pledged as collateral security […]
58-8-5. Manner of amending charter. (a) A domestic mutual insurance company may hereafter amend its charter in the following manner only: (1) A meeting of the board of directors shall be called in accordance with the bylaws, specifying the amendment to be voted upon at such meeting; (2) If at such meeting two thirds of […]
58-8-50. Guaranty against assessments prohibited. If any director, officer, or agent of a mutual insurance company, either officially or privately, gives a guarantee to a policyholder of the company against an assessment to which that policyholder would otherwise be liable, the director, officer, or agent shall be punished by a fine not exceeding one thousand […]
58-8-55. Manner of making assessments; rights and liabilities of policyholders. When a mutual insurance company is not possessed of cash funds above its reserve sufficient for the payment of insured losses and expenses, it must make an assessment for the amount needed to pay such losses and expenses upon its members liable to assessment therefor […]
58-8-60. Independent charters for members of the Farmers Mutual Fire Insurance Association of North Carolina. (a) Each branch of the Farmers Mutual Fire Insurance Association of North Carolina ("Association"), created by Chapter 343 of the 1893 Private Laws of North Carolina, as amended, shall adopt articles of incorporation by a majority vote of its board […]
