§ 58‑7‑50. Maintenance and removal of records and assets.
(a) Every domesticinsurer shall maintain its home or principal office in this State and keeptherein complete records of its assets, transactions, and affairs, specificallyincluding:
(1) Financial records;
(2) Corporate records;
(3) Reinsurancedocuments;
(4) All accountingtransactions;
(5) Claim files; and
(6) Payment of claims,in accordance with such methods and systems as are customary or suitable as tothe kind or kinds of insurance transacted.
(b) Every domesticinsurer shall have and maintain its assets in this State, except as to:
(1) Real property andpersonal property appurtenant thereto lawfully owned by the insurer and locatedoutside this State; and
(2) Such property of theinsurer as may be customary, necessary, and convenient to enable and facilitatethe operation of its branch offices, regional home offices, and operationsoffices, located outside this State as referred to in G.S. 58‑7‑55.
(c) The removal fromthis State of all or a part of the records or assets of a domestic insurerexcept pursuant to a plan of merger or consolidation approved by theCommissioner or for such reasonable purposes and periods of time as may beapproved by the Commissioner in writing in advance of such removal, orconcealment of such records or assets or part thereof from the Commissioner isprohibited. Any person who, without the prior approval of the Commissioner,removes or attempts to remove such records or assets or part thereof from theoffice or offices in which they are required to be kept and maintained undersubsection (a) of this section or who conceals or attempts to conceal suchrecords from the Commissioner, in violation of this subsection, shall be guiltyof a Class I felony. Upon any removal or attempted removal of such records orassets or upon retention of such records or assets or part thereof outside thisState, beyond the period therefor specified in the consent of the Commissionerunder which consent the records were so removed thereat, or upon concealment ofor attempt to conceal records or assets in violation of this section, theCommissioner may institute delinquency proceedings against the insurer pursuantto the provisions of Article 30 of this Chapter.
(d) This section issubject to the exceptions provided in G.S. 58‑7‑55. TheCommissioner may allow a domestic insurer to maintain certain records or assetsoutside this State.
(e) Every domesticinsurer that has its home or principal office in a location outside this Stateon October 1, 1993, shall petition the Commissioner for approval to continue tooperate in that manner. The Commissioner, in determining whether to approve ordisapprove the petition, shall consider the exceptions of G.S. 58‑7‑55,as well as any other factors that might affect the Commissioner's ability toregulate the insurer, or that might affect the insurer's ability to service orprotect its policyholders. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1989, c. 452,s. 3; 1993, c. 452, s. 5; c. 539, s. 1270; 1994, Ex. Sess., c. 24, s. 14(c);1998‑212, s. 26B(a).)
§ 58‑7‑50. Maintenance and removal of records and assets.
(a) Every domesticinsurer shall maintain its home or principal office in this State and keeptherein complete records of its assets, transactions, and affairs, specificallyincluding:
(1) Financial records;
(2) Corporate records;
(3) Reinsurancedocuments;
(4) All accountingtransactions;
(5) Claim files; and
(6) Payment of claims,in accordance with such methods and systems as are customary or suitable as tothe kind or kinds of insurance transacted.
(b) Every domesticinsurer shall have and maintain its assets in this State, except as to:
(1) Real property andpersonal property appurtenant thereto lawfully owned by the insurer and locatedoutside this State; and
(2) Such property of theinsurer as may be customary, necessary, and convenient to enable and facilitatethe operation of its branch offices, regional home offices, and operationsoffices, located outside this State as referred to in G.S. 58‑7‑55.
(c) The removal fromthis State of all or a part of the records or assets of a domestic insurerexcept pursuant to a plan of merger or consolidation approved by theCommissioner or for such reasonable purposes and periods of time as may beapproved by the Commissioner in writing in advance of such removal, orconcealment of such records or assets or part thereof from the Commissioner isprohibited. Any person who, without the prior approval of the Commissioner,removes or attempts to remove such records or assets or part thereof from theoffice or offices in which they are required to be kept and maintained undersubsection (a) of this section or who conceals or attempts to conceal suchrecords from the Commissioner, in violation of this subsection, shall be guiltyof a Class I felony. Upon any removal or attempted removal of such records orassets or upon retention of such records or assets or part thereof outside thisState, beyond the period therefor specified in the consent of the Commissionerunder which consent the records were so removed thereat, or upon concealment ofor attempt to conceal records or assets in violation of this section, theCommissioner may institute delinquency proceedings against the insurer pursuantto the provisions of Article 30 of this Chapter.
(d) This section issubject to the exceptions provided in G.S. 58‑7‑55. TheCommissioner may allow a domestic insurer to maintain certain records or assetsoutside this State.
(e) Every domesticinsurer that has its home or principal office in a location outside this Stateon October 1, 1993, shall petition the Commissioner for approval to continue tooperate in that manner. The Commissioner, in determining whether to approve ordisapprove the petition, shall consider the exceptions of G.S. 58‑7‑55,as well as any other factors that might affect the Commissioner's ability toregulate the insurer, or that might affect the insurer's ability to service orprotect its policyholders. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1989, c. 452,s. 3; 1993, c. 452, s. 5; c. 539, s. 1270; 1994, Ex. Sess., c. 24, s. 14(c);1998‑212, s. 26B(a).)
§ 58‑7‑50. Maintenance and removal of records and assets.
(a) Every domesticinsurer shall maintain its home or principal office in this State and keeptherein complete records of its assets, transactions, and affairs, specificallyincluding:
(1) Financial records;
(2) Corporate records;
(3) Reinsurancedocuments;
(4) All accountingtransactions;
(5) Claim files; and
(6) Payment of claims,in accordance with such methods and systems as are customary or suitable as tothe kind or kinds of insurance transacted.
(b) Every domesticinsurer shall have and maintain its assets in this State, except as to:
(1) Real property andpersonal property appurtenant thereto lawfully owned by the insurer and locatedoutside this State; and
(2) Such property of theinsurer as may be customary, necessary, and convenient to enable and facilitatethe operation of its branch offices, regional home offices, and operationsoffices, located outside this State as referred to in G.S. 58‑7‑55.
(c) The removal fromthis State of all or a part of the records or assets of a domestic insurerexcept pursuant to a plan of merger or consolidation approved by theCommissioner or for such reasonable purposes and periods of time as may beapproved by the Commissioner in writing in advance of such removal, orconcealment of such records or assets or part thereof from the Commissioner isprohibited. Any person who, without the prior approval of the Commissioner,removes or attempts to remove such records or assets or part thereof from theoffice or offices in which they are required to be kept and maintained undersubsection (a) of this section or who conceals or attempts to conceal suchrecords from the Commissioner, in violation of this subsection, shall be guiltyof a Class I felony. Upon any removal or attempted removal of such records orassets or upon retention of such records or assets or part thereof outside thisState, beyond the period therefor specified in the consent of the Commissionerunder which consent the records were so removed thereat, or upon concealment ofor attempt to conceal records or assets in violation of this section, theCommissioner may institute delinquency proceedings against the insurer pursuantto the provisions of Article 30 of this Chapter.
(d) This section issubject to the exceptions provided in G.S. 58‑7‑55. TheCommissioner may allow a domestic insurer to maintain certain records or assetsoutside this State.
(e) Every domesticinsurer that has its home or principal office in a location outside this Stateon October 1, 1993, shall petition the Commissioner for approval to continue tooperate in that manner. The Commissioner, in determining whether to approve ordisapprove the petition, shall consider the exceptions of G.S. 58‑7‑55,as well as any other factors that might affect the Commissioner's ability toregulate the insurer, or that might affect the insurer's ability to service orprotect its policyholders. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1989, c. 452,s. 3; 1993, c. 452, s. 5; c. 539, s. 1270; 1994, Ex. Sess., c. 24, s. 14(c);1998‑212, s. 26B(a).)
