Section 58-2-40 - Powers and duties of CommissionerThe Commissioner shall:
(1) See that all laws of this State that the Commissioner is responsible for administering and the provisions of this Chapter are faithfully executed; and to that end the Commissioner is authorized to adopt rules in accordance with Chapter 150B of the General Statutes, in order to enforce, carry out and make effective the provisions of those laws. The Commissioner is also authorized to adopt such further rules not contrary to those laws that will prevent persons subject to the Commissioner's regulatory authority from engaging in practices injurious to the public.(1a) Repealed by 2023 N.C. Sess. Laws 151,s. 11.1.(2) Have the power and authority to adopt rules pertaining to and governing the solicitation of proxies, including financial reporting in connection therewith, with respect to the capital stock or other equity securities of any domestic stock insurance company.(3) Prescribe to the companies, associations, orders, or bureaus required by Articles 1 through 64 of this Chapter to report to the Commissioner, the necessary forms for the statements required. The Commissioner may change those forms from time to time when necessary to secure full information as to the standing, condition, and such other information desired of companies, associations, orders, or bureaus under the jurisdiction of the Department.(4) Receive and thoroughly examine each financial statement required by Articles 1 through 64 of this Chapter.(5) Report in detail to the Attorney General any violations of the laws relative to pharmacy benefits managers, insurance companies, associations, orders and bureaus or the business of insurance; and the Commissioner may institute civil actions or criminal prosecutions either by the Attorney General or another attorney whom the Attorney General may select, for any violation of the provisions of Articles 1 through 64 of this Chapter.(6) Upon a proper application by any citizen of this State, give a statement or synopsis of the provisions of any insurance contract offered or issued to the citizen.(7) Administer, or the Commissioner's deputy may administer, all oaths required in the discharge of the Commissioner's official duty.(8) Compile and make available to the public such lists of rates charged, including deviations, and such explanations of coverages that are provided by insurers for and in connection with contracts or policies of (i) insurance against loss to residential real property with not more than four housing units located in this State and any contents thereof or valuable interest therein and other insurance coverages written in connection with the sale of such property insurance and (ii) private passenger (nonfleet) motor vehicle liability, physical damage, theft, medical payments, uninsured motorists, and other insurance coverages written in connection with the sale of such insurance, as may be advisable to inform the public of insurance premium differentials and of the nature and types of coverages provided. The explanations of coverages provided for in this section must comply with the provisions of Article 38 of this Chapter.(9) Repealed by Session Laws 2000, ch. 19, s. 3, effective on or after April 1, 1998.(10) Repealed by Session Laws 2013-5, s. 1(b), effective March 6, 2013.N.C. Gen. Stat. § 58-2-40
Amended by 2023 N.C. Sess. Laws 151,s. 11.1, eff. 11/9/2023.Amended by 2021 N.C. Sess. Laws 161, s. 2, eff. 10/1/2021, and applies to any contracts entered into, renewed, or amended on or after that date.Amended by 2018 N.C. Sess. Laws 29, s. 2-d, eff. 8/1/2018.Amended by 2013 N.C. Sess. Laws 5, s. 1-b, eff. 3/6/2013.Amended by 2010 N.C. Sess. Laws 31, s. 24.2.(a), eff. 7/1/2010.1899, c. 54, s. 8; 1905, c. 430, s. 3; Rev., s. 4689; C.S., s. 6269; 1945, c. 383; 1947, c. 721; 1965 , c. 127, s. 1; 1971 , c. 757, s. 1; 1977 , c. 376, s. 1; 1979 , c. 755, s. 19; c. 881, s. 1; 1981 , c. 846, s. 2; 1989 , c. 485, s. 29; 1991 , c. 644, s. 26; 1997- 392, s. 3; 2000-19, s. 3.