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CHAPTER 425 Session Laws - 1989
Commissioner considers adequate to reasonably limit the
reciprocal's aggregate losses to the lesser of:
a. Ten percent (10%) of the surplus to policyholders of the
reciprocal multiplied by the number of subscribers;
b. The surplus to policyholders of the reciprocal multiplied
by three; or
c. Five million dollars ($5.000,000).
" § 58-784. Eligible contracting persons.
(a) Persons of this State may enter into reciprocal insurance
contracts with each other and with persons of other states and
countries.
(b) For any corporation now existing or subsequently organized
under the laws of this State, the authority to enter into reciprocal
insurance contracts is in addition to the authority conferred upon it in
its charter and is incidental to the purposes for which the corporation
is organized.
" § 58-785. Business name. '
-
Every reciprocal shall have and use an appropriate business name
that includes the word or words 'reciprocal/ Mnterinsurer,'
Mnterinsurance/ or 'exchange'.
" § 58-786. License, surplus, and deposit requirements.
(a) No reciprocal shall engage in any insurance transaction in this
State until it has obtained a license to do so in accordance with the
applicable provisions of this Chapter. Such license shall expire on the
last day of June of each year.
(b) No domestic or foreign reciprocal shall be licensed in this State
unless it has a surplus to policyholders of at least eight hundred
thousand dollars ($800.000); and no alien reciprocal shall be licensed
unless it has a trusteed surplus of at least eight hundred thousand
dollars ($800,000).
(c) Each domestic, foreign, or alien reciprocal licensed in this
State must maintain a minimum deposit with the Commissioner of at
least one hundred thousand dollars ($100,000) in cash or in value of
securities of the kind specified in G.S. 58-182.3, which shall be
subject to the same conditions as contained in Article 20 of this
Chapter.
"§ 58-787. Continuation of business under prior requirements. ''
(a) Notwithstanding other provisions of this Chapter regarding
minimum required surplus, any reciprocal that was licensed to write
and was writing any kind of insurance in this State on the effective
date of this Article may continue to write that kind of insurance under
the appropriate license from the Commissioner. Such reciprocal shall
maintain at all times the minimum surplus, and the minimum trusteed
surplus if an alien reciprocal, that was required before the effective
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Object Description
Description
| Title | Page 978 |
| Full Text | CHAPTER 425 Session Laws - 1989 Commissioner considers adequate to reasonably limit the reciprocal's aggregate losses to the lesser of: a. Ten percent (10%) of the surplus to policyholders of the reciprocal multiplied by the number of subscribers; b. The surplus to policyholders of the reciprocal multiplied by three; or c. Five million dollars ($5.000,000). " § 58-784. Eligible contracting persons. (a) Persons of this State may enter into reciprocal insurance contracts with each other and with persons of other states and countries. (b) For any corporation now existing or subsequently organized under the laws of this State, the authority to enter into reciprocal insurance contracts is in addition to the authority conferred upon it in its charter and is incidental to the purposes for which the corporation is organized. " § 58-785. Business name. ' - Every reciprocal shall have and use an appropriate business name that includes the word or words 'reciprocal/ Mnterinsurer,' Mnterinsurance/ or 'exchange'. " § 58-786. License, surplus, and deposit requirements. (a) No reciprocal shall engage in any insurance transaction in this State until it has obtained a license to do so in accordance with the applicable provisions of this Chapter. Such license shall expire on the last day of June of each year. (b) No domestic or foreign reciprocal shall be licensed in this State unless it has a surplus to policyholders of at least eight hundred thousand dollars ($800.000); and no alien reciprocal shall be licensed unless it has a trusteed surplus of at least eight hundred thousand dollars ($800,000). (c) Each domestic, foreign, or alien reciprocal licensed in this State must maintain a minimum deposit with the Commissioner of at least one hundred thousand dollars ($100,000) in cash or in value of securities of the kind specified in G.S. 58-182.3, which shall be subject to the same conditions as contained in Article 20 of this Chapter. "§ 58-787. Continuation of business under prior requirements. '' (a) Notwithstanding other provisions of this Chapter regarding minimum required surplus, any reciprocal that was licensed to write and was writing any kind of insurance in this State on the effective date of this Article may continue to write that kind of insurance under the appropriate license from the Commissioner. Such reciprocal shall maintain at all times the minimum surplus, and the minimum trusteed surplus if an alien reciprocal, that was required before the effective 926 |
