58-10-705. Definitions.
The following definitions apply in this Part:
(1) Enterprise risk. - Defined in G.S. 58-19-5.
(2) Insurance group. - Those insurers and affiliates included within an insurance holding company system as defined in G.S. 58-19-5.
(3) Insurer. - Shall have the same meaning as set forth in G.S. 58-1-5 and includes a person subject to Article 65 or 67 of this Chapter. Insurer does not include an agency, authority, or instrumentality of the United States; any of its possessions and territories; the Commonwealth of Puerto Rico; the District of Columbia; nor a state or political subdivision of a state.
(4) ORSA Guidance Manual. - The current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on January 1 of the year following the calendar year in which the changes have been adopted by the NAIC.
(5) ORSA Summary Report. - A confidential high-level summary of an insurer or insurance group's ORSA, or a combination of reports, that contains the information described in the ORSA Guidance Manual.
(6) Own Risk and Solvency Assessment or ORSA. - A confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks. (2017-136, s. 1.)
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.