§ 58-47-70. License denial; termination; revocation; restrictions. - North Carolina Statutes

§58‑47‑70.  License denial; termination; revocation; restrictions.

(a)        If the Commissionerdenies a license, the Commissioner shall inform the applicant of the reasonsfor the denial.  The Commissioner may issue a license to an applicant thatremedies the reasons for a denial within 60 days after the Commissioner'snotice.  The Commissioner may grant additional time to an applicant to remedyany deficiencies in its application. A request for an extension of time shallbe made in writing by the applicant within 30 days after the Commissioner'snotice.  If the applicant fails to remedy the reasons for the denial, theapplication shall be withdrawn or denied.

(b)        A group shall notterminate its license or cease the writing of renewal business withoutobtaining prior written approval from the Commissioner.  The Commissioner shallnot grant the request of any group to terminate its license unless the grouphas closed or reinsured all of its incurred workers' compensation obligationsand has settled all of its other legal obligations, including known and unknownclaims and associated expenses.

(c)        No group shalltransfer its workers' compensation obligations under an assumption reinsuranceagreement without complying with Part 2 of Article 10 of this Chapter.

(d)        Every group issubject to Article 19 of this Chapter. No group shall merge with another groupunless both groups are engaged in the same or a similar type of business. (1997‑362,s. 3.)