§ 58-15-30. License, surplus, and deposit requirements. - North Carolina Statutes

§ 58‑15‑30. License, surplus, and deposit requirements.

(a)        No reciprocal shallengage in any insurance transaction in this State until it has obtained alicense to do so in accordance with the applicable provisions of Articles 1through 64 of this Chapter. The license shall continue in full force andeffect, subject to timely payment of an annual license continuation fee inaccordance with G.S. 58‑6‑7 and subject to any other applicableprovision of the insurance laws of this State.

(b)        No domestic or foreignreciprocal shall be licensed in this State unless it has a surplus topolicyholders of at least eight hundred thousand dollars ($800,000); and noalien reciprocal shall be licensed unless it has a trusteed surplus of at leasteight hundred thousand dollars ($800,000).

(c)        Each domestic,foreign, or alien reciprocal licensed in this State shall deposit and maintaindeposits with the Commissioner of at least four hundred thousand dollars($400,000) in cash or in value of securities of the kind specified in G.S. 58‑5‑15,which shall be subject to Article 5 of this Chapter. (1989, c. 425, s. 1; 2003‑212,s. 26(e); 2004‑203, s. 74(a); 2005‑215, s. 24.)