§ 58-10-45. Commissioner's discretion. - North Carolina Statutes

§58‑10‑45.  Commissioner's discretion.

If a domestic insurer or aforeign insurer from a state having a substantially similar law is deemed byits domiciliary insurance regulator to be in hazardous financial condition or aproceeding has been instituted against it for the purpose of reorganizing orconserving the insurer, and the transfer of the policies is in the bestinterest of the policyholders, as determined by the domiciliary insuranceregulator, a transfer and novation may be effected notwithstanding theprovisions of this Part. This may include a form of implied consent andadequate notification to the policyholders of the circumstances requiring thetransfer as approved by the Commissioner. (1995, c. 318, s. 1.)