§ 58-22-15. Risk retention groups chartered in this State. - North Carolina Statutes

§58‑22‑15.  Risk retention groups chartered in this State.

(a)        A risk retentiongroup seeking to be chartered in this State must be chartered and licensed as aliability insurance company under Article 7 of this Chapter and, except asprovided elsewhere in this Article, must comply with all of the laws and rulesapplicable to such insurers chartered and licensed in this State and with G.S.58‑22‑20 to the extent such requirements are not a limitation onlaws, administrative rules, or requirements of this State. As a chartered andlicensed liability insurance company, the group is subject to the taxes imposedin Article 8B of Chapter 105 of the General Statutes.

(b)        Before it may offerinsurance in any state, each risk retention group shall also submit for approvalto the Commissioner of this State a plan of operation or feasibility study. Therisk retention group shall submit an appropriate revision in the event of anysubsequent material change in any item of the plan of operation or feasibilitystudy, within 10 days after any such change. The group shall not offer anyadditional kinds of liability insurance, in this State or in any other state,until a revision of such plan or study is approved by the Commissioner.

(c)        At the time offiling its application for a charter, the risk retention group shall provide tothe Commissioner in summary form the following information: the identity of theinitial members of the group, the identity of those individuals who organizedthe group or who will provide administrative services or otherwise influence orcontrol the activities of the group, the amount and nature of initialcapitalization, the coverages to be afforded, and the states in which the groupintends to operate. Upon receipt of this information, the Commissioner shallforward such information to the NAIC. Providing notification to the NAIC is inaddition to and shall not be sufficient to satisfy the requirements of G.S. 58‑22‑20or any other sections of this Article. (1985 (Reg. Sess., 1986), c.1013, s. 8; 1987, c. 310, s. 1; c. 727, s. 13; 1993, c. 452, s. 36; 1995 (Reg.Sess., 1996), c. 747, s. 8.)