§ 58-12-45. Foreign insurers. - North Carolina Statutes

§58‑12‑45.  Foreign insurers.

(a)        Any foreign insurershall, upon written request of the Commissioner, submit to the Commissioner arisk‑based capital report as of the end of the calendar year just endedthe later of:

(1)        The date a risk‑basedcapital report would be required to be filed by a domestic insurer under thisArticle; or

(2)        Fifteen days afterthe request is received by the foreign insurer.

Any foreign insurer shall, at thewritten request of the Commissioner, promptly submit to the Commissioner a copyof any risk‑based capital plan that is filed with the insurance regulatorof any other state.

(b)        In the event of acompany action level event, regulatory action level event, or authorizedcontrol level event with respect to any foreign insurer as determined under therisk‑based capital statute or rule applicable in the state of domicile ofthe insurer, or if no risk‑based capital statute or rule is in force inthat state under the provisions of this Article, if the insurance regulator ofthe state of domicile of the foreign insurer fails to require the foreigninsurer to file a risk‑based capital plan in the manner specified underthe risk‑based capital statute or, if no risk‑based capitalprovision is in force in that state, under G.S. 58‑12‑11, theCommissioner may require the foreign insurer to file a risk‑based capitalplan with the Commissioner. In that event the failure of the foreign insurer tofile a risk‑based capital plan with the Commissioner is grounds to orderthe insurer to cease and desist from writing new insurance business in thisState.

(c)        In the event of amandatory control level event with respect to any foreign insurer, if nodomiciliary receiver has been appointed with respect to the foreign insurerunder the rehabilitation or liquidation statutes of the state of domicile ofthe foreign insurer, the Commissioner may make application to the SuperiorCourt of Wake County as permitted under Article 30 of this Chapter with respectto the liquidation of property of foreign insurers found in this State; and theoccurrence of the mandatory control level event is an adequate ground for theapplication. (1993 (Reg. Sess., 1994), c. 678, s. 1; 1995, c. 193,s. 23.)