§ 58-10-55. Report. - North Carolina Statutes

Part 3. Disclosure of Material Transactions.

§ 58‑10‑55. Report.

(a)        This Part appliesonly to domestic insurers. Effective October 1, 1995, every insurer shall filea report with the Commissioner disclosing material acquisitions anddispositions of assets or material nonrenewals, cancellations, or revisions ofceded reinsurance agreements, unless the acquisitions and dispositions ofassets or material nonrenewals, cancellations, or revisions of cededreinsurance agreements have been submitted to the Commissioner for review,approval, or informational purposes under any other provisions of this Chapteror the North Carolina Administrative Code. This report is due within 15 daysafter the end of the calendar month in which any of these transactions occurred.A copy of the report, including any filed exhibits or other attachments, shallalso be filed with the NAIC.

(b)        All reportsobtained by or disclosed to the Commissioner under this Part are confidentialand are not subject to subpoena. No report shall be made public by theCommissioner, the NAIC, or any other person, except to insurance regulators ofother states, without the prior written consent of the reporting insurer,unless the Commissioner, after giving the insurer notice and an opportunity tobe heard, determines that the interest of policyholders, shareholders, or thepublic will be served by the publication of the report. In that event, theCommissioner may publish all or any part of the report in a manner theCommissioner considers appropriate. (1995, c. 318, s. 1.)