§ 58-7-33. Minimum policyholders' surplus to assume property or casualty reinsurance. - North Carolina Statutes

§58‑7‑33.  Minimum policyholders' surplus to assume property orcasualty reinsurance.

(a)        Notwithstanding anyother provision of law, no domestic property or casualty insurer with less thanten million dollars ($10,000,000) in policyholders' surplus may, without theCommissioner's prior written approval, assume reinsurance on any risk that itis otherwise permitted to assume except where the reinsurance is:

(1)        Required byapplicable law or regulation; or

(2)        Assumed underpooling arrangement among members of the same holding company system.

(b)        This sectionapplies to reinsurance contracts entered into or renewed on or after July 13,1991.

(c)        This section doesnot invalidate any reinsurance contract that was entered into before July 13,1991, as between the parties to the contract. (1991, c. 681, s. 26.)