§ 97-100. Rates for insurance; carrier to make reports for determination of solvency; tax upon premium; wrongful or fraudulent representation of carrier punishable as misdemeanor; notices. - North Carolina Statutes

§97‑100.  Rates for insurance; carrier to make reports for determinationof solvency; tax upon premium; wrongful or fraudulent representation of carrierpunishable as misdemeanor; notices.

(a)        The rates chargedby all carriers of insurance, including the parties to any mutual insuranceassociation writing insurance against the liability for compensation under thisArticle, shall be fair, reasonable, and adequate.

(b)        Each insurancecarrier shall report to the Commissioner of Insurance, in accordance with rulesadopted by the Commissioner of Insurance, for the purpose of determining thesolvency of the carrier and the adequacy of its rates; for this purpose theCommissioner of Insurance may inspect the books and records of any insurancecarrier, and examine its agents, officers, and directors under oath.

(c)        Every insurer underthis Article, every employer carrying its own risk under G.S. 97‑93, andevery group of employers that has pooled the employers' liabilities under G.S.97‑93 is subject to the premiums tax levied in Article 8B of Chapter 105of the General Statutes.

(d)        through (f).Repealed by Session Laws 1995, c. 360, s. 1.

(g)        Any person who actsor assumes to act as agent for any insurance carrier whose authority to dobusiness in this State has been suspended, while the suspension remains inforce, who neglects or refuses to comply with any of the provisions of thissection, or who willfully makes a false or fraudulent statement of the businessor condition of any insurance carrier, is guilty of a Class 2 misdemeanor.

(h)        Whenever by thisArticle, or the terms of any policy contract, any officer is required to giveany notice to an insurance carrier, the notice may be given by delivery, or bymailing by registered letter properly addressed and stamped, to the principaloffice or general agent of the insurance carrier within this State, or to itshome office, or to the secretary, general agent, or chief officer of thecarrier in the United States, or to the Commissioner of Insurance.

(i)         through (k). Repealedby Session Laws 1995, c. 360, s. 1. (1929, c. 120, s. 73; 1931,c. 274, s. 13; 1947, c. 574; 1961, c. 833, s. 13; 1977, c. 828, s. 7; 1985, c.119, s. 2; 1985 (Reg. Sess., 1986), c. 928, s. 13; 1989, c. 647, s. 1; 1993, c.539, s. 682; 1994, Ex. Sess., c. 24, s. 14(c); 1995, c. 360, s. 1(h).)