North Carolina General Statutes 58-12-55. Phase-in provision
For risk-based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of N.C. Gen. Stat. § 58-12-11:
(1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.
(2) In the event of a regulatory action level event under N.C. Gen. Stat. § 58-12-16(a)(1), (2), or (3) the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-11.
(3) In the event of a regulatory action level event under N.C. Gen. Stat. § 58-12-16(a)(4), (5), (6), (7), (8), or (9) or an authorized control level event, the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-16 with respect to the insurer.
(4) In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-21 with respect to the insurer. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
Terms Used In North Carolina General Statutes 58-12-55
- Domestic insurer: Any insurance company or health organization organized in this State under Article 7 of this Chapter as specified in subdivisions (4b) and (5a) of this section or under Article 15, 65, or 67 of this Chapter or any risk retention group organized in this State under Part 9 of Article 10 of this Chapter. See North Carolina General Statutes 58-12-2
- 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