58-10-347. Provisional approval for a license.
(a) At the Commissioner's discretion, provisional approval for a license may be granted to an applicant business entity for a period not to exceed 90 days.
(b) An applicant business entity may petition the Commissioner to extend the provisional time provided the petition is received in writing not less than 10 days before expiration of the provisional time and provides sufficient detail to permit the Commissioner to make an informed decision.
(c) Extensions may be granted by the Commissioner for 30-day periods upon a showing by the applicant business entity of the reasons for requesting an extension and a determination by the Commissioner of good cause for the extension.
(d) As a condition precedent to provisionally approving a license under this section, the applicant business entity shall have filed an application required by this Part and the Commissioner shall have made a preliminary finding that the expertise, experience, and character of the person or persons who will control and manage the applicant business entity are acceptable.
(e) The Commissioner may limit the authority of any provisional licensee in any way deemed necessary.
(f) The Commissioner may rescind the provisional approval at any time if the Commissioner determines that the interests of insureds or the public are at risk.
(g) If the applicant business entity fails to complete the license application process, the provisional approval shall terminate automatically. (2016-78, s. 4.1(c).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 10 - Miscellaneous Insurer Financial Provisions.
§ 58-10-1 - Stock to mutual insurer conversion.
§ 58-10-10 - Mutual to stock insurer conversion.
§ 58-10-12 - Conversion plan requirements.
§ 58-10-30 - Notice requirements.
§ 58-10-35 - Policyholder rights.
§ 58-10-40 - Effect of consent.
§ 58-10-45 - Commissioner's discretion.
§ 58-10-60 - Acquisitions and dispositions of assets.
§ 58-10-65 - Nonrenewals, cancellations, or revisions of ceded reinsurance agreements.
§ 58-10-75 - Purpose and legislative intent.
§ 58-10-85 - Establishment of protected cells.
§ 58-10-90 - Use and operation of protected cells.
§ 58-10-95 - Reach of creditors and other claimants.
§ 58-10-100 - Conservation, rehabilitation, or liquidation of protected cell companies.
§ 58-10-105 - No transaction of an insurance business.
§ 58-10-110 - Authority to adopt rules.
§ 58-10-125 - Policyholders position and capital and surplus requirements.
§ 58-10-130 - Unearned premium reserve.
§ 58-10-135 - Contingency reserve for mortgage guaranty insurers.
§ 58-10-140 - Report of policyholder's position.
§ 58-10-145 - Monoline requirement for mortgage guaranty insurers.
§ 58-10-150 - Statement of actuarial opinion.
§ 58-10-155 - Actuarial opinion summary.
§ 58-10-160 - Actuarial report and work papers.
§ 58-10-165 - Monetary penalties for failure to provide documents.
§ 58-10-170 - Qualified immunity of appointed actuary.
§ 58-10-175 - Confidentiality.
§ 58-10-185 - Purpose and scope.
§ 58-10-200 - Contents of annual audited financial report.
§ 58-10-205 - Designation of independent certified public accountant.
§ 58-10-210 - Qualifications of independent certified public accountant.
§ 58-10-215 - Consolidated or combined audits.
§ 58-10-220 - Scope of audit and report of independent certified public accountant.
§ 58-10-225 - Notification of adverse financial condition.
§ 58-10-230 - Communication of internal control related matters noted in an audit.
§ 58-10-235 - Accountant's letter of qualifications.
§ 58-10-245 - Requirements for audit committees.
§ 58-10-246 - Internal audit function requirements.
§ 58-10-255 - Management's report of internal control over financial reporting.
§ 58-10-260 - Exemptions and effective dates.
§ 58-10-265 - Canadian and British companies.
§ 58-10-280 - General provisions.
§ 58-10-285 - Application; contents; process.
§ 58-10-290 - Plan of reorganization.
§ 58-10-295 - Powers of the Commissioner.
§ 58-10-300 - Special financial requirements.
§ 58-10-305 - Reorganization of domestic mutual insurer with mutual insurance holding company.
§ 58-10-310 - Mergers of mutual insurance holding companies.
§ 58-10-315 - Stock offerings.
§ 58-10-320 - Regulation of holding company system.
§ 58-10-325 - Reporting of stock ownership and transactions.
§ 58-10-345 - Licensing; authority; confidentiality.
§ 58-10-347 - Provisional approval for a license.
§ 58-10-350 - Commissioner use of consultants and other professionals.
§ 58-10-355 - Organizational audit.
§ 58-10-360 - Designation of captive manager.
§ 58-10-365 - Names of companies.
§ 58-10-370 - Capital and surplus requirements.
§ 58-10-375 - Dividends and distributions.
§ 58-10-380 - Formation of captive insurance companies.
§ 58-10-385 - Governing board members, officers, and employees.
§ 58-10-390 - Conflict of interest.
§ 58-10-395 - Plan of operation change.
§ 58-10-400 - Insurance manager and intermediaries.
§ 58-10-415 - Annual audit and statement of actuarial opinion.
§ 58-10-420 - Independent certified public accountants.
§ 58-10-425 - Deposit requirement.
§ 58-10-430 - Audits and Financial Analysis.
§ 58-10-435 - License suspension or revocation.
§ 58-10-440 - Investment requirements.
§ 58-10-450 - Membership in rating organizations; exemption from compulsory associations.
§ 58-10-460 - Adoption and amendment of rules by Commissioner.
§ 58-10-465 - Applicable provisions.
§ 58-10-475 - Supervision; rehabilitation; liquidation.
§ 58-10-480 - Authority for expenditure of public funds.
§ 58-10-485 - Violations and penalties.
§ 58-10-490 - Inactive captive insurance companies.
§ 58-10-495 - Captive insurance companies reinsuring life insurance policies.
§ 58-10-496 - Waiver or modification.
§ 58-10-500 - Forming a protected cell captive insurance company.
§ 58-10-510 - Establishment of protected cells.
§ 58-10-512 - Incorporated protected cells.
§ 58-10-513 - Cell shares and cell dividends.
§ 58-10-515 - Participants in a protected cell captive insurance company.
§ 58-10-520 - Combining assets of protected cells.
§ 58-10-530 - Establishment of branch captive insurance companies.
§ 58-10-535 - Security for payment of branch captive insurance company liabilities.
§ 58-10-545 - Filing of reports and statements.
§ 58-10-550 - Audit of a branch captive insurance company.
§ 58-10-555 - Creation of special purpose financial captives.
§ 58-10-560 - Controlling provisions when conflict exists; exemptions.
§ 58-10-565 - Application requirements.
§ 58-10-570 - Organization of an SPFC.
§ 58-10-575 - Minimum capital.
§ 58-10-580 - Authorized activities.
§ 58-10-585 - Establishment of protected cell accounts.
§ 58-10-590 - Protected cell accounts.
§ 58-10-595 - Issuing securities.
§ 58-10-600 - Asset management agreements.
§ 58-10-610 - No securities considered to be insurance or reinsurance contracts.
§ 58-10-615 - Disposition of assets; investment limitations.
§ 58-10-625 - Changes in plan of operation; filing of audit and statement of operation; audits.
§ 58-10-630 - Cessation of business.
§ 58-10-635 - Supervision, rehabilitation, or liquidation of SPFC.
§ 58-10-650 - Other laws applicable to captive insurance companies.
§ 58-10-655 - Commissioner to share information with Department of Revenue.
§ 58-10-700 - Purpose and scope.
§ 58-10-710 - Risk management framework.
§ 58-10-715 - ORSA requirement.
§ 58-10-720 - ORSA Summary Report.
§ 58-10-730 - Contents of ORSA Summary Report.
§ 58-10-735 - Confidentiality.
§ 58-10-745 - Severability clause.
§ 58-10-755 - Purpose and scope.
§ 58-10-765 - Disclosure requirement and filing procedures.
§ 58-10-770 - Rules and regulations.
§ 58-10-775 - Contents of corporate governance annual disclosure.
§ 58-10-780 - Confidentiality.