§ 58-15-35. Continuation of business under prior requirements. - North Carolina Statutes

§58‑15‑35.  Continuation of business under prior requirements.

(a)        Notwithstandingother provisions of Articles 1 through 64 of this Chapter regarding minimumrequired surplus, any reciprocal that was licensed to write and was writing anykind of insurance in this State on January 1, 1990 may continue to write thatkind of insurance under the appropriate license from the Commissioner.  Suchreciprocal shall maintain at all times the minimum surplus, and the minimumtrusteed surplus if an alien reciprocal, that was required before January 1,1990.

(b)        Before anyreciprocal obtains a license to write in this State any kind of insurance thatit was not licensed to write and writing in this State on January 1, 1990, itshall comply with all the requirements of this Part regarding surplus. (1989,c. 425, s. 1.)