11 NCAC 10 .0703. APPROVAL OF INSURANCE IN NON‑ADMITTED INSURANCE COMPANIES

Approval of insurance written by a non‑admitted insurance company will be granted only if the non‑admitted company:

(1)           has established satisfactory evidence of good repute and financial integrity;

(2)           meets the minimum capital and surplus requirements in the Insurance Law;

(3)           furnishes to the Commissioner its most current financial statement; and

(4)           appears on the department's monthly list of non‑admitted companies eligible for the placement of surplus lines business.

 

History Note:        Authority G.S. 58-2-40; 58-21-20;

Eff. February 1, 1976;

Readopted Eff. July 11, 1978;

Amended Eff. January 1, 1989; July 1, 1986.