§ 58-40-60. Joint underwriting and joint reinsurance organizations. - North Carolina Statutes

§58‑40‑60.  Joint underwriting and joint reinsurance organizations.

(a)        Every group,association, or other organization of insurers which engages in jointunderwriting or joint reinsurance through such group, association, ororganization, or by standing agreement among the members thereof, shall obtaina license from and file with the Commissioner:

(1)        A copy of itsconstitution, articles of incorporation, agreement, or association, and bylaws;

(2)        A list of itsmembers; and

(3)        The name and addressof a resident of this State upon whom notices, process affecting it, or ordersof the Commissioner may be served.

(b)        Any change in oramendment to any document required to be filed under this section shall bepromptly filed with the Commissioner.

(c)        If after a hearing,the Commissioner finds that any activity or practice of any such group,association, or other organization is unfair, unreasonable, or otherwiseinconsistent with the provisions of this Article, he may issue a written orderspecifying in what respects the activity or practice is unfair, unreasonable,or otherwise inconsistent with the provisions of this Article, and requiringthe discontinuance of the activity or practice. (1977, c. 828, s. 2; 1985(Reg. Sess., 1986), c. 1027, s. 48; 1987, c. 441, s. 12; c. 864, s. 71.)