GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1999
SESSION LAW 1999-192
The General Assembly of North Carolina enacts:
Section 1. G.S. 58-2-165 reads as rewritten:
"§ 58-2-165. Annual, semiannual, monthly, or quarterly statements to be filed with Commissioner.
(a) Every Except
as provided in subsection (a1) of this section, every insurance company
shall file in the Commissioner's office, on or before March 1 of each year, a
statement showing the business standing and financial condition of the company,
association, or order on the preceding December 31, signed and sworn to by the
chief managing agent or officer thereof, before the Commissioner or some
officer authorized by law to administer oaths. Provided, the Commissioner
may, for good and sufficient cause shown by an applicant company, extend the
filing date of the company's annual statement, for a reasonable period of time,
not to exceed 30 days. In addition, except as provided in subsection
(a1) of this section, the Commissioner may require any insurance company,
association, or order to file its statement semiannually, quarterly, or monthly,
except that a town or county mutual, organized under G.S. 58-7-75(5)d., is
required to file only an annual statement or an audited financial statement
that was prepared by a certified public accountant if for the preceding year it
had a direct written premium of less than one hundred fifty thousand dollars
($150,000) and fewer than 400 policyholders. monthly.
(a1) A town or county mutual, organized under G.S. 58-7-75(5)d., is required to file only an annual statement or an audited financial statement that was prepared by a certified public accountant if for the preceding year it had a direct written premium of less than one hundred fifty thousand dollars ($150,000) and fewer than 400 policyholders. The Commissioner shall not require those mutuals to file statements semiannually, quarterly, or monthly.
(b) The Commissioner may
require statements under this section, G.S. 58-2-170, and G.S. 58-2-190 to be
filed in a format that can be read by electronic data processing equipment. equipment,
provided that this subsection does not apply to an audited financial statement
prepared by a certified public accountant that is submitted by a town or county
mutual pursuant to subsection (a1) of this section.
(c) All Except
as provided herein, all statements filed under this section must be
prepared in accordance with the appropriate NAIC Annual Statement Instructions
Handbook and pursuant to the NAIC Accounting Practices and Procedures Manual
and on the NAIC Model Financial Statement Blank, unless further modified by the
Commissioner as the Commissioner considers to be appropriate. This
subsection does not apply to statements filed by a town or county mutual
organized under G.S. 58-7-75(5)d. if for the preceding year it had a direct
written premium of less than one hundred fifty thousand dollars ($150,000) and
fewer than 400 policyholders."
Section 2. This act is effective retroactively to October 30, 1998.
In the General Assembly read three times and ratified this the 9th day of June, 1999.
s/ Dennis A. Wicker
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 10:12 p.m. this 18th day of June, 1999