N.C. Gen. Stat. § 58-21-10

Current through Session Law 2024-58
Section 58-21-10 - Definitions

As used in this Article:

(1) Admitted insurer. - An insurer licensed to engage in the business of insurance in this State.
(1a) Affiliate. - With respect to an insured, includes any entity that controls, is controlled by, or is under common control with the insured.
(1b) Affiliated group. - Any group of entities that are all affiliated.
(2) Capital. - As used in the financial requirements of G.S. 58-21-20, includes funds paid in for stock or other evidence of ownership.
(2a) Control. - An entity has control over another entity if either of the following occurs:
a. The entity directly or indirectly or acting through one or more other persons owns, controls, or has the power to vote twenty-five percent (25%) or more of any class of voting securities of the other entity.
b. The entity controls in any manner the election of a majority of the directors or trustees of the other entity.
(3) Eligible surplus lines insurer. - An alien insurer as defined in G.S. 58-21-17, a nonadmitted domestic surplus lines insurer, or a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance under G.S. 58-21-20.
(4) Export. - To place surplus lines insurance with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer.
(4a) Nonadmitted domestic surplus lines insurer. - An insurer that is domiciled in and authorized pursuant to G.S. 58-21-21 to transact surplus lines insurance in this State.
(5) Nonadmitted insurer. - An insurer not licensed to do an insurance business in this State. "Nonadmitted insurer" includes insurance exchanges authorized under the laws of various states. "Nonadmitted insurer" does not include a risk retention group, as defined in G.S. 58-22-10(10).
(6) Producing broker. - An insurance producer licensed under Article 33 of this Chapter who deals directly with the party seeking insurance and who may also be a surplus lines licensee.
(6a) Salary protection insurance. - Insurance against financial loss caused by the cessation of earned income because of disability from sickness, ailment, or bodily injury.
(7) Surplus. - As used in the financial requirements of G.S. 58-21-20, includes funds over and above liabilities and capital of the company for the protection of policyholders.
(8) Surplus lines insurance. - Any insurance in this State of risks resident, located, or to be performed in this State, permitted to be placed through a surplus lines licensee with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer eligible to accept that insurance, including salary protection insurance. The term does not include any of the following:
a. Reinsurance.
b. Commercial aircraft insurance.
c. Insurance of property and operations of railroads engaged in interstate or foreign commerce.
d. Wet marine and transportation insurance.
e. Insurance independently procured pursuant to G.S. 58-28-5.
f. Life and accident or health insurance, and annuities.
g. Personal and commercial automobile liability insurance required to be written by licensed insurers pursuant to G.S. 58-37-5, excluding excess automobile liability insurance.
(9) Surplus lines licensee. - A person licensed under G.S. 58-21-65 to place insurance on risks resident, located, or to be performed in this State with a nonadmitted domestic surplus lines insurer or with nonadmitted insurers eligible to accept that insurance.
(10) Wet marine and transportation insurance. - Includes any of the following:

...

e. Ocean marine insurance, as defined in G.S. 58-48-20.

N.C. Gen. Stat. § 58-21-10

Amended by 2023 N.C. Sess. Laws 133,s. 1-a, eff. 9/22/2023.
Amended by 2022 N.C. Sess. Laws 46, s. 14-v, eff. 7/7/2022.
Amended by 2018 N.C. Sess. Laws 120, s. 2.1-c, eff. 6/28/2018.
Amended by 2015 N.C. Sess. Laws 101, s. 1, eff. 6/19/2015.
Amended by 2011 N.C. Sess. Laws 370, s. 1, eff. 10/1/2011.
Amended by 2011 N.C. Sess. Laws 120, s. 2, eff. 7/21/2011.
1985 , c. 688, s. 1; 1985 Reg. Sess., 1986 , c. 1027, s. 45; 1987 , c. 629, s. 19; c. 727, s. 6; c. 864, s. 73; 1998-211, s. 3; 1999-219, s. 5.3.