§ 58-41-45. Termination of writing kind of insurance. - North Carolina Statutes

§58‑41‑45.  Termination of writing kind of insurance.

(a)        Except as providedin G.S. 58‑41‑30, no insurer may terminate, by nonrenewals, anentire book of business of any kind of insurance without 60 days prior writtennotice to the Commissioner; unless the Commissioner determines thatcontinuation of the line of business would impair the solvency of the insureror unless the Commissioner determines that such termination is effected under aplan that minimizes disruption in the marketplace or that makes provisions foralternative coverage at comparable rates and terms.

(b)        Except as providedin G.S. 58‑41‑30, in‑term cancellation by an insurer of anentire book of business of any kind of insurance is presumed to be unfair,inequitable, and contrary to the public interest, unless the Commissionerdetermines that continuation of the line of business would impair the solvencyof the insurer or unless the Commissioner determines that such termination iseffected under a plan that minimizes disruption in the marketplace or thatmakes provisions for alternative coverage at comparable rates and terms. (1985(Reg. Sess., 1986), c. 1027, s. 14.)