§ 58-62-16. Definitions. - North Carolina Statutes

§ 58‑62‑16. Definitions.

As used in this Article:

(1)        "Account"means any of the two accounts created under G.S. 58‑62‑26.

(2)        "Association"means the North Carolina Life and Health Insurance Guaranty Association createdunder G.S. 58‑62‑26.

(3)        "Board" meansthe board of directors of the Association established under G.S. 58‑62‑31.

(4)        "Contractualobligation" means any obligation under a policy or certificate under agroup policy, or part thereof, for which coverage is provided under G.S. 58‑62‑21.

(5)        "Coveredpolicy" means any policy within the scope of this Article under G.S. 58‑62‑21.

(6)        "Delinquentinsurer" means an impaired insurer or an insolvent insurer; and"delinquency" means an insurer impairment or insolvency.

(7)        "Healthinsurance" includes hospital or medical service corporation contracts,accident and health insurance, accident insurance, and disability insurance.

(8)        "Impairedinsurer" means a member insurer that, after the effective date of thisArticle, is not an insolvent insurer, and (i) is deemed by the Commissioner tobe potentially unable to fulfill its contractual obligations or (ii) is placedunder an order of rehabilitation or conservation by a court of competentjurisdiction.

(9)        "Insolventinsurer" means a member insurer that, after the effective date of thisArticle, is placed under an order of liquidation with a finding of insolvencyby a court of competent jurisdiction.

(10)      "Insuranceregulator" means the official or agency of another state that isresponsible for the regulation of a foreign insurer.

(11)      "Memberinsurer" means any insurer and any hospital or medical service corporationthat is governed by Article 65 of this Chapter and that is licensed or thatholds a license to transact in this State any kind of insurance for whichcoverage is provided under G.S. 58‑62‑21; and includes any insurerwhose license in this State may have been suspended, revoked, not renewed orvoluntarily withdrawn, but does not include an entity governed by Article 67 ofthis Chapter; fraternal order or fraternal benefit society; mandatory Statepooling plan; mutual assessment company or any entity that operates on anassessment basis; insurance exchange; or any entity similar to any of theforegoing.

(12)      "Moody'sCorporate Bond Yield Average" means the Monthly Average Corporates aspublished by Moody's Investors Service, Inc., or any successor thereto.

(13)      "Person"includes an individual, corporation, company, partnership, association, oraggregation of individuals.

(14)      "Plan"means the plan of operation established under G.S. 58‑62‑46.

(15)      "Policy"includes a master group contract and subscriber contract under Article 65 ofthis Chapter, a contract of insurance and an annuity contract.

(16)      "Premiums"means amounts received in any calendar year on covered policies less premiums,considerations, and deposits returned thereon, and less dividends andexperience credits thereon. "Premiums" does not include any amountsreceived for any policies or for the parts of any policies for which coverageis not provided under G.S. 58‑ 62‑21(b); except that assessablepremium shall not be reduced on account of G.S. 58‑62‑21(c)(3)relating to interest limitations and G.S. 58‑62‑21(d)(2) relatingto limitations with respect to any one individual, any one participant, and anyone contract holder.

(17)      "Resident"means any person who resides in this State when a member insurer is determinedto be a delinquent insurer and to whom a contractual obligation is owed. Aperson may be a resident of only one state, which in the case of a person otherthan a natural person shall be its principal place of business."Resident" also means a U.S. citizen residing outside of the UnitedStates who owns a covered policy that was purchased from a member insurer whilethat person resided in this State.

(17a)    "Structuredsettlement annuities" means any contracts or certificates for annuitiesissued to fund, in whole or in part, a settlement agreement for a matterinvolving personal injury or illness, including any settlement agreementpermitted under Chapter 97 of the General Statutes.

(18)      "Unallocatedannuity contract" means any annuity contract or group annuity certificatethat is not issued to and owned by an individual, except to the extent of anyannuity benefits guaranteed to an individual by an insurer under the contractor certificate.  (1991,c. 681, s. 56; 1993, c. 452, s. 60; 1995, c. 177, s. 1; 2009‑448, s. 1.)