§ 58-10-75. Purpose and legislative intent. - North Carolina Statutes

Part 4. Protected Cell Companies.

§ 58‑10‑75. Purpose and legislative intent.

This Part provides a basis forthe creation of protected cells by a domestic insurer as one means of accessingalternative sources of capital and achieving the benefits of insurancesecuritization. Investors in fully funded insurance securitization transactionsprovide funds that are available to pay the insurer's insurance obligations orto repay the investors or both. The creation of protected cells is intended tobe a means to achieve more efficiencies in conducting insurancesecuritizations. (2001‑223,s. 25.)