North Carolina General Statutes 58-10-500. Forming a protected cell captive insurance company
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In North Carolina General Statutes 58-10-500
- 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.
(a) One or more sponsors may form a protected cell captive insurance company under this Subpart.
(b) A protected cell captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a mutual corporation, as a nonprofit corporation with one or more members, or as a manager-managed limited liability company. (2013-116, s. 1.)