The following provisions of this Chapter are applicable to PHPs in the manner in which they are applicable to insurers:

(1) N.C. Gen. Stat. § 58-2-131, Examinations to be made; authority, scope, scheduling, and conduct of examinations.

Terms Used In North Carolina General Statutes 58-93-120

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3

(2) N.C. Gen. Stat. § 58-2-132, Examination reports.

(3) N.C. Gen. Stat. § 58-2-133, Conflict of interest; cost of examinations; immunity from liability.

(4) N.C. Gen. Stat. § 58-2-134, Cost of certain examinations.

(5) N.C. Gen. Stat. § 58-2-150, Oath required for compliance with law.

(6) N.C. Gen. Stat. § 58-2-155, Investigation of charges.

(7) N.C. Gen. Stat. § 58-2-160, Reporting and investigation of insurance and reinsurance fraud and the financial condition of licensees; immunity from liability.

(8) N.C. Gen. Stat. § 58-2-162, Embezzlement by insurance producers or administrators.

(9) N.C. Gen. Stat. § 58-2-165, Annual, semiannual, monthly, or quarterly statements to be filed with Commissioner.

(10) N.C. Gen. Stat. § 58-2-185, Record of business kept by companies and insurance producers; Commissioner may inspect.

(11) N.C. Gen. Stat. § 58-2-190, Commissioner may require special reports.

(12) N.C. Gen. Stat. § 58-2-195, Commissioner may require records, reports, etc., for agencies, insurance producers, and others.

(13) N.C. Gen. Stat. § 58-2-200, Books and papers required to be exhibited.

(14) N.C. Gen. Stat. § 58-2-205, CPA audits of financial statements.

(15) N.C. Gen. Stat. § 58-7-21, Credit allowed a domestic ceding insurer.

(16) N.C. Gen. Stat. § 58-7-26, Asset or reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of N.C. Gen. Stat. § 58-7-21.

(17) N.C. Gen. Stat. § 58-7-30, Insolvent ceding insurer.

(18) N.C. Gen. Stat. § 58-7-31, Life and health reinsurance agreements.

(19) N.C. Gen. Stat. § 58-7-46, Notification to Commissioner for president or chief executive officer changes.

(20) N.C. Gen. Stat. § 58-7-73, Dissolution of insurers.

(21) N.C. Gen. Stat. § 58-7-160, Investments unlawfully acquired.

(22) N.C. Gen. Stat. § 58-7-162, Allowed or admitted assets.

(23) N.C. Gen. Stat. § 58-7-163, Assets not allowed.

(24) N.C. Gen. Stat. § 58-7-165, Eligible investments.

(25) N.C. Gen. Stat. § 58-7-167, General qualifications.

(26) N.C. Gen. Stat. § 58-7-168, Authorization of investment.

(27) N.C. Gen. Stat. § 58-7-170, Diversification.

(28) N.C. Gen. Stat. § 58-7-172, Cash and deposits.

(29) N.C. Gen. Stat. § 58-7-173, Permitted insurer investments.

(30) N.C. Gen. Stat. § 58-7-179, Mortgage loans.

(31) N.C. Gen. Stat. § 58-7-180, Chattel mortgages.

(32) N.C. Gen. Stat. § 58-7-183, Special consent investments.

(33) N.C. Gen. Stat. § 58-7-185, Prohibited investments and investment underwriting.

(34) N.C. Gen. Stat. § 58-7-188, Time limit for disposal of ineligible property and securities; effect of failure to dispose.

(35) N.C. Gen. Stat. § 58-7-192, Valuation of securities and investments.

(36) N.C. Gen. Stat. § 58-7-193, Valuation of property.

(37) N.C. Gen. Stat. § 58-7-197, Replacing certain assets; reporting certain liabilities.

(38) N.C. Gen. Stat. § 58-7-200, Investment transactions.

(39) N.C. Gen. Stat. § 58-7-205, Derivative transactions.

(40) Article 5, Deposits and Bonds by Insurance Companies.

(41) Part 7 of Article 10, Annual Financial Reporting.

(42) Article 12, Risk-Based Capital Requirements.

(43) Article 13, Asset Protection Act.

(44) Article 19, Insurance Holding Company System Regulatory Act. (2018-49, s. 1(a); 2019-179, s. 9(f); 2022-46, s. 14(kkkk).)

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