North Carolina General Statutes 58-19-17. Foreign or alien insurer’s report of change of control
Terms Used In North Carolina General Statutes 58-19-17
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
(a) As used in this section, “controlling capital stock” means enough of an insurer’s shares of the issued and outstanding stock, as defined in N.C. Gen. Stat. § 58-19-5(2), to give its owner the power to exercise a controlling influence over the management or policies of the insurer.
(b) If there is a change in the controlling capital stock or a change of twenty-five percent (25%) or more of the assets of a foreign or alien insurer, the insurer shall report the change in writing to the Commissioner within 30 days after the effective date of the change. The report shall be in a form prescribed by the Commissioner and shall contain the name and address of the new owners of the controlling stock or assets, the nature and value of the new assets, and other relevant information that the Commissioner requires. (1991, c. 681, s. 38.)