Terms Used In North Carolina General Statutes > Chapter 58 > Article 9 - Reinsurance Intermediaries

• Actuary: means a person who meets the standards of a qualified actuary, as specified in the NAIC Annual Statement Instructions, as amended or clarified by rule or order of the Commissioner, for the type of insurer for which an intermediary is establishing loss reserves. See North Carolina General Statutes 58-9-2
• Broker: means any person, other than an officer or employee of a ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the ceding insurer. See North Carolina General Statutes 58-9-2
• Commissioner: includes the Commissioner's authorized deputies and employees. See North Carolina General Statutes 58-9-2
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means any person who directly or indirectly has the power to direct or cause to be directed the management, control, or activities of an intermediary. See North Carolina General Statutes 58-9-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• Intermediary: includes a broker or a manager, as those terms are defined in this section. See North Carolina General Statutes 58-9-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer (including the management of a separate division, department, or underwriting office) and acts as an agent for the reinsurer. See North Carolina General Statutes 58-9-2
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• Producer: means an insurance producer licensed under Article 33 of this Chapter or an intermediary licensed under this Article. See North Carolina General Statutes 58-9-2
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Reinsurer: means any insurer that is licensed by the Commissioner and that is authorized to assume reinsurance. See North Carolina General Statutes 58-9-2
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3