Section 58-21-10 - DefinitionsAs used in this Article:
(1) Admitted insurer. - An insurer licensed to engage in the business of insurance in this State.(1a) Affiliate. - With respect to an insured, includes any entity that controls, is controlled by, or is under common control with the insured.(1b) Affiliated group. - Any group of entities that are all affiliated.(2) Capital. - As used in the financial requirements of G.S. 58-21-20, includes funds paid in for stock or other evidence of ownership.(2a) Control. - An entity has control over another entity if either of the following occurs: a. The entity directly or indirectly or acting through one or more other persons owns, controls, or has the power to vote twenty-five percent (25%) or more of any class of voting securities of the other entity.b. The entity controls in any manner the election of a majority of the directors or trustees of the other entity.(3) Eligible surplus lines insurer. - An alien insurer as defined in G.S. 58-21-17, a nonadmitted domestic surplus lines insurer, or a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance under G.S. 58-21-20.(4) Export. - To place surplus lines insurance with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer.(4a) Nonadmitted domestic surplus lines insurer. - An insurer that is domiciled in and authorized pursuant to G.S. 58-21-21 to transact surplus lines insurance in this State.(5) Nonadmitted insurer. - An insurer not licensed to do an insurance business in this State. "Nonadmitted insurer" includes insurance exchanges authorized under the laws of various states. "Nonadmitted insurer" does not include a risk retention group, as defined in G.S. 58-22-10(10).(6) Producing broker. - 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.(6a) Salary protection insurance. - Insurance against financial loss caused by the cessation of earned income because of disability from sickness, ailment, or bodily injury.(7) Surplus. - As used in the financial requirements of G.S. 58-21-20, includes funds over and above liabilities and capital of the company for the protection of policyholders.(8) Surplus lines insurance. - 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 that insurance, including salary protection insurance. The term does not include any of the following:b. Commercial aircraft insurance.c. Insurance of property and operations of railroads engaged in interstate or foreign commerce.d. Wet marine and transportation insurance.e. Insurance independently procured pursuant to G.S. 58-28-5.f. Life and accident or health insurance, and annuities.g. Personal and commercial automobile liability insurance required to be written by licensed insurers pursuant to G.S. 58-37-5, excluding excess automobile liability insurance.(9) Surplus lines licensee. - A person licensed under G.S. 58-21-65 to place insurance on risks resident, located, or to be performed in this State with a nonadmitted domestic surplus lines insurer or with nonadmitted insurers eligible to accept that insurance.(10) Wet marine and transportation insurance. - Includes any of the following: ...
e. Ocean marine insurance, as defined in G.S. 58-48-20.N.C. Gen. Stat. § 58-21-10
Amended by 2023 N.C. Sess. Laws 133,s. 1-a, eff. 9/22/2023.Amended by 2022 N.C. Sess. Laws 46, s. 14-v, eff. 7/7/2022.Amended by 2018 N.C. Sess. Laws 120, s. 2.1-c, eff. 6/28/2018.Amended by 2015 N.C. Sess. Laws 101, s. 1, eff. 6/19/2015.Amended by 2011 N.C. Sess. Laws 370, s. 1, eff. 10/1/2011.Amended by 2011 N.C. Sess. Laws 120, s. 2, eff. 7/21/2011. 1985 , c. 688, s. 1; 1985 Reg. Sess., 1986 , c. 1027, s. 45; 1987 , c. 629, s. 19; c. 727, s. 6; c. 864, s. 73; 1998-211, s. 3; 1999-219, s. 5.3.