§ 7A-474.16 Legislative findings and purpose
§ 7A-474.17 Definitions
§ 7A-474.18 Eligible activities and limitations
§ 7A-474.19 Funds
§ 7A-474.20 Records and reports

Terms Used In North Carolina General Statutes > Chapter 7A > Article 37B

  • Admitted insurer: means an insurer licensed to engage in the business of insurance in this State. See North Carolina General Statutes 58-21-10
  • Affiliated group: means any group of entities that are all affiliated. See North Carolina General Statutes 58-21-10
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site that is not owned or controlled by:

    a. See North Carolina General Statutes 58-22-10

  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means an entity that has "control" over another entity if either of the following occurs:

    a. See North Carolina General Statutes 58-21-10

  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Domestic violence victim: means a resident of North Carolina that has been subjected to acts of domestic violence as defined in G. See North Carolina General Statutes 7A-474.17
  • Eligible surplus lines insurer: means an alien insurer as defined in G. See North Carolina General Statutes 58-21-10
  • 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
  • Enterprise risk: Any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as set forth in Article 12 of this Chapter or would cause the insurer to be in a hazardous financial condition as set forth in G. See North Carolina General Statutes 58-19-5
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive officer: A chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by the foregoing officers under whatever title. See North Carolina General Statutes 58-19-5
  • Export: means to place surplus lines insurance with a nonadmitted domestic surplus lines insurer or a nonadmitted insurer. See North Carolina General Statutes 58-21-10
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • feasibility study: means an analysis that presents the expected activities and results of a risk retention group including, at a minimum:

    a. See North Carolina General Statutes 58-22-10

  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Form A: The statement regarding the acquisition of control of or merger with a domestic insurer that is required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Form B: The insurance holding company system annual registration statement that is required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Form C: The summary of changes to the insurance company system annual registration statement that is required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Form D: The prior notice of a transaction that is required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Form E: The pre-acquisition notification that is required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Form F: The annual enterprise risk report required to be filed with the Commissioner pursuant to G. See North Carolina General Statutes 58-19-5
  • Fraud: Intentional deception resulting in injury to another.
  • Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group is insolvent or, although not yet financially impaired or insolvent, is unlikely to be able:

    a. See North Carolina General Statutes 58-22-10

  • in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of this State. See North Carolina General Statutes 58-22-10
  • Insurance holding company system: An entity comprising two or more affiliated persons, one or more of which is an insurer. See North Carolina General Statutes 58-19-5
  • Insurer: As defined in G. See North Carolina General Statutes 58-19-5
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal assistance: means the provision of any legal services, as defined by Chapter 84 of the General Statutes, consistent with this Article. See North Carolina General Statutes 7A-474.17
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of any profit or nonprofit business, trade, product, professional or other services, premises, or operations; or any activity of any state or local government, or any agency or political subdivision thereof. See North Carolina General Statutes 58-22-10
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • local government: means any county, city, or housing authority located in this State. See North Carolina General Statutes 58-23-1
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Nonadmitted domestic surplus lines insurer: means an insurer that is domiciled in and authorized pursuant to G. See North Carolina General Statutes 58-21-10
  • Nonadmitted insurer: includes insurance exchanges authorized under the laws of various states. See North Carolina General Statutes 58-21-10
  • oath: shall be construed to include "affirmation" in all cases where by law an affirmation may be substituted for an oath, and in like cases the word "sworn" shall be construed to include the word "affirmed. See North Carolina General Statutes 12-3
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: An individual, corporation, partnership, limited liability company, association, joint stock company, trust, unincorporated organization, or any similar entity or any combination of the foregoing acting in concert. See North Carolina General Statutes 58-19-5
  • personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
  • Personal risk liability: means liability for damage because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities. See North Carolina General Statutes 58-22-10
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Producing broker: means an agent or broker licensed under Article 33 of this Chapter who deals directly with the party seeking insurance and who may also be a surplus lines licensee. See North Carolina General Statutes 58-21-10
  • Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product; but does not include the liability of any person for those damages if the product involved was in the possession of such person when the incident giving rise to the claim occurred. See North Carolina General Statutes 58-22-10
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • Purchasing group: means any group that:

    a. See North Carolina General Statutes 58-22-10

  • Quorum: The number of legislators that must be present to do business.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Risk retention group: means any corporation or other limited liability association:

    a. See North Carolina General Statutes 58-22-10

  • Salary protection insurance: means insurance against financial loss caused by the cessation of earned income because of disability from sickness, ailment, or bodily injury. See North Carolina General Statutes 58-21-10
  • Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus lines insurance: means 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 such insurance, including salary protection insurance. See North Carolina General Statutes 58-21-10
  • Surplus lines licensee: means a person licensed under G. See North Carolina General Statutes 58-21-10
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trustee: A person or institution holding and administering property in trust.
  • Ultimate controlling person: A person not controlled by any other person. See North Carolina General Statutes 58-19-5
  • United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Voting security: Includes any security convertible into or evidencing a right to acquire a voting security. See North Carolina General Statutes 58-19-5
  • Wet marine and transportation insurance: means any of the following:

    a. See North Carolina General Statutes 58-21-10

  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.