Terms Used In North Carolina General Statutes > Chapter 58 > Article 21 - Surplus Lines Act

• Admitted insurer: means an insurer licensed to engage in the business of insurance in this State. See North Carolina General Statutes 58-21-10
• Affiliated group: means any group of entities that are all affiliated. See North Carolina General Statutes 58-21-10
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Control: means an entity that has 'control' over another entity if either of the following occurs:

  a. See North Carolina General Statutes 58-21-10

• 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.
• Eligible surplus lines insurer: means an alien insurer as defined in N. See North Carolina General Statutes 58-21-10
• 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}
• 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.
• Export: means to place surplus lines insurance with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer. See North Carolina General Statutes 58-21-10
• 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
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nonadmitted domestic surplus lines insurer: means an insurer that is domiciled in and authorized pursuant to N. See North Carolina General Statutes 58-21-10
• Nonadmitted insurer: includes insurance exchanges authorized under the laws of various states. See North Carolina General Statutes 58-21-10
• Oversight: Committee review of the activities of a Federal agency or program.
• Producing broker: means 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. See North Carolina General Statutes 58-21-10
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Salary protection insurance: means insurance against financial loss caused by the cessation of earned income because of disability from sickness, ailment, or bodily injury. See North Carolina General Statutes 58-21-10
• Service of process: The service of writs or summonses to the appropriate party.
• 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
• Surplus lines insurance: means 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 such insurance, including salary protection insurance. See North Carolina General Statutes 58-21-10
• Surplus lines licensee: means a person licensed under N. See North Carolina General Statutes 58-21-10
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Wet marine and transportation insurance: means any of the following:

  a. See North Carolina General Statutes 58-21-10