§ 58-10-105. No transaction of an insurance business. - North Carolina Statutes

§ 58‑10‑105.  Notransaction of an insurance business.

A protected cell companyinsurance securitization may not be deemed to be an insurance or reinsurancecontract. An investor in a protected cell company insurance securitization, bysole means of this investment, may not be deemed to be conducting an insurancebusiness in this State. The underwriters or selling agents and their partners,directors, officers, members, managers, employees, agents, representatives, andadvisors involved in a protected cell company insurance securitization may notbe deemed to be conducting an insurance or reinsurance agency, brokerage,intermediary, advisory, or consulting business by virtue of their activities inconnection with that business. (2001‑223, s. 25.)