North Carolina General Statutes 58-93-120. Other laws applicable to PHPs
The following provisions of this Chapter are applicable to PHPs in the manner in which they are applicable to insurers:
(1) N.C. Gen. Stat. § 58-2-131, Examinations to be made; authority, scope, scheduling, and conduct of examinations.
Terms Used In North Carolina General Statutes 58-93-120
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- 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
- Fraud: Intentional deception resulting in injury to another.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) N.C. Gen. Stat. § 58-2-132, Examination reports.
(3) N.C. Gen. Stat. § 58-2-133, Conflict of interest; cost of examinations; immunity from liability.
(4) N.C. Gen. Stat. § 58-2-134, Cost of certain examinations.
(5) N.C. Gen. Stat. § 58-2-150, Oath required for compliance with law.
(6) N.C. Gen. Stat. § 58-2-155, Investigation of charges.
(7) N.C. Gen. Stat. § 58-2-160, Reporting and investigation of insurance and reinsurance fraud and the financial condition of licensees; immunity from liability.
(8) N.C. Gen. Stat. § 58-2-162, Embezzlement by insurance producers or administrators.
(9) N.C. Gen. Stat. § 58-2-165, Annual, semiannual, monthly, or quarterly statements to be filed with Commissioner.
(10) N.C. Gen. Stat. § 58-2-185, Record of business kept by companies and insurance producers; Commissioner may inspect.
(11) N.C. Gen. Stat. § 58-2-190, Commissioner may require special reports.
(12) N.C. Gen. Stat. § 58-2-195, Commissioner may require records, reports, etc., for agencies, insurance producers, and others.
(13) N.C. Gen. Stat. § 58-2-200, Books and papers required to be exhibited.
(14) N.C. Gen. Stat. § 58-2-205, CPA audits of financial statements.
(15) N.C. Gen. Stat. § 58-7-21, Credit allowed a domestic ceding insurer.
(16) N.C. Gen. Stat. § 58-7-26, Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of N.C. Gen. Stat. § 58-7-21.
(17) N.C. Gen. Stat. § 58-7-30, Insolvent ceding insurer.
(18) N.C. Gen. Stat. § 58-7-31, Life and health reinsurance agreements.
(19) N.C. Gen. Stat. § 58-7-46, Notification to Commissioner for president or chief executive officer changes.
(20) N.C. Gen. Stat. § 58-7-73, Dissolution of insurers.
(21) N.C. Gen. Stat. § 58-7-160, Investments unlawfully acquired.
(22) N.C. Gen. Stat. § 58-7-162, Allowed or admitted assets.
(23) N.C. Gen. Stat. § 58-7-163, Assets not allowed.
(24) N.C. Gen. Stat. § 58-7-165, Eligible investments.
(25) N.C. Gen. Stat. § 58-7-167, General qualifications.
(26) N.C. Gen. Stat. § 58-7-168, Authorization of investment.
(27) N.C. Gen. Stat. § 58-7-170, Diversification.
(28) N.C. Gen. Stat. § 58-7-172, Cash and deposits.
(29) N.C. Gen. Stat. § 58-7-173, Permitted insurer investments.
(30) N.C. Gen. Stat. § 58-7-179, Mortgage loans.
(31) N.C. Gen. Stat. § 58-7-180, Chattel mortgages.
(32) N.C. Gen. Stat. § 58-7-183, Special consent investments.
(33) N.C. Gen. Stat. § 58-7-185, Prohibited investments and investment underwriting.
(34) N.C. Gen. Stat. § 58-7-188, Time limit for disposal of ineligible property and securities; effect of failure to dispose.
(35) N.C. Gen. Stat. § 58-7-192, Valuation of securities and investments.
(36) N.C. Gen. Stat. § 58-7-193, Valuation of property.
(37) N.C. Gen. Stat. § 58-7-197, Replacing certain assets; reporting certain liabilities.
(38) N.C. Gen. Stat. § 58-7-200, Investment transactions.
(39) N.C. Gen. Stat. § 58-7-205, Derivative transactions.
(40) Article 5, Deposits and Bonds by Insurance Companies.
(41) Part 7 of Article 10, Annual Financial Reporting.
(42) Article 12, Risk-Based Capital Requirements.
(43) Article 13, Asset Protection Act.
(44) Article 19, Insurance Holding Company System Regulatory Act. (2018-49, s. 1(a); 2019-179, s. 9(f); 2022-46, s. 14(kkkk).)