§58‑7‑55. Exceptions to requirements of G.S. 58‑7‑50.
The provisions of G.S. 58‑7‑50shall not be deemed to prohibit or prevent an insurer from:
(1) Establishing andmaintaining branch offices or regional home offices in other states wherenecessary or convenient to the transaction of its business and keeping thereinthe detailed records and assets customary and reasonably necessary for theservicing of its insurance in force and affairs in the territory served by suchan office, as long as such records and assets are made readily available atsuch office for examination by the Commissioner at his request.
(2) Having, depositing,or transmitting funds and assets of the insurer in or to jurisdictions outsidethis State as required by other jurisdictions as a condition of transactinginsurance in such jurisdictions reasonably and customarily required in theregular course of its business.
(3) Establishing andmaintaining its principal operations offices, its usual operations records, andsuch of its assets as may be necessary or convenient for the purpose, inanother state in which the insurer is authorized to transact insurance in orderthat general administration of its affairs may be combined with that of anaffiliated insurer or insurers, but subject to the following conditions:
a. That theCommissioner consents in writing to such removal of offices, records, andassets from this State upon evidence satisfactory to him that the same willfacilitate and make more economical the operations of the insurer, and will notunreasonably diminish the service or protection thereafter to be given theinsurer's policyholders in this State and elsewhere;
b. That the insurerwill continue to maintain in this State its principal corporate office or placeof business, and maintain therein available to the inspection of theCommissioner complete records of its corporate proceedings and a copy of eachfinancial statement of the insurer current within the preceding five years,including a copy of each interim financial statement prepared for theinformation of the insurer's officers or directors;
c. That, upon thewritten request of the Commissioner, the insurer will with reasonablepromptness produce at its principal corporate offices in this State forexamination or for subpoena, its records or copies thereof relative to aparticular transaction or transactions of the insurer as designated by theCommissioner in his request; and
d. That if at any timethe Commissioner finds that the conditions justifying the maintenance of suchoffices, records, and assets outside of this State no longer exist, or that theinsurer has willfully and knowingly violated any of the conditions stated insub‑subdivisions b. and c., the Commissioner may order the return of suchoffices, records, and assets to this State within such reasonable time, notless than six months, as may be specified in the order; and that for failure tocomply with such order, as thereafter modified or extended, if any, theCommissioner shall suspend or revoke the insurer's license.
(4) Placing itsinvestment assets in one or more custodial accounts inside or outside of thisState with banks, trust companies, or other similar institutions pursuant tocustodial agreements approved by the Commissioner.
(5) Permittingpolicyholder and certificate holder records and claims and other information tobe kept and maintained by agents, general agents, third‑partyadministrators, creditors, employers, associations, and others in the ordinarycourse of business in a manner customary or suitable to the kind or kinds ofinsurance transacted; provided, however, that the insurer shall, uponreasonable notice, make available to the Commissioner or his designee anyrecords or other information permitted by this subsection to be maintained outsidethis State. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1999‑132,s. 9.1.)
§58‑7‑55. Exceptions to requirements of G.S. 58‑7‑50.
The provisions of G.S. 58‑7‑50shall not be deemed to prohibit or prevent an insurer from:
(1) Establishing andmaintaining branch offices or regional home offices in other states wherenecessary or convenient to the transaction of its business and keeping thereinthe detailed records and assets customary and reasonably necessary for theservicing of its insurance in force and affairs in the territory served by suchan office, as long as such records and assets are made readily available atsuch office for examination by the Commissioner at his request.
(2) Having, depositing,or transmitting funds and assets of the insurer in or to jurisdictions outsidethis State as required by other jurisdictions as a condition of transactinginsurance in such jurisdictions reasonably and customarily required in theregular course of its business.
(3) Establishing andmaintaining its principal operations offices, its usual operations records, andsuch of its assets as may be necessary or convenient for the purpose, inanother state in which the insurer is authorized to transact insurance in orderthat general administration of its affairs may be combined with that of anaffiliated insurer or insurers, but subject to the following conditions:
a. That theCommissioner consents in writing to such removal of offices, records, andassets from this State upon evidence satisfactory to him that the same willfacilitate and make more economical the operations of the insurer, and will notunreasonably diminish the service or protection thereafter to be given theinsurer's policyholders in this State and elsewhere;
b. That the insurerwill continue to maintain in this State its principal corporate office or placeof business, and maintain therein available to the inspection of theCommissioner complete records of its corporate proceedings and a copy of eachfinancial statement of the insurer current within the preceding five years,including a copy of each interim financial statement prepared for theinformation of the insurer's officers or directors;
c. That, upon thewritten request of the Commissioner, the insurer will with reasonablepromptness produce at its principal corporate offices in this State forexamination or for subpoena, its records or copies thereof relative to aparticular transaction or transactions of the insurer as designated by theCommissioner in his request; and
d. That if at any timethe Commissioner finds that the conditions justifying the maintenance of suchoffices, records, and assets outside of this State no longer exist, or that theinsurer has willfully and knowingly violated any of the conditions stated insub‑subdivisions b. and c., the Commissioner may order the return of suchoffices, records, and assets to this State within such reasonable time, notless than six months, as may be specified in the order; and that for failure tocomply with such order, as thereafter modified or extended, if any, theCommissioner shall suspend or revoke the insurer's license.
(4) Placing itsinvestment assets in one or more custodial accounts inside or outside of thisState with banks, trust companies, or other similar institutions pursuant tocustodial agreements approved by the Commissioner.
(5) Permittingpolicyholder and certificate holder records and claims and other information tobe kept and maintained by agents, general agents, third‑partyadministrators, creditors, employers, associations, and others in the ordinarycourse of business in a manner customary or suitable to the kind or kinds ofinsurance transacted; provided, however, that the insurer shall, uponreasonable notice, make available to the Commissioner or his designee anyrecords or other information permitted by this subsection to be maintained outsidethis State. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1999‑132,s. 9.1.)
§58‑7‑55. Exceptions to requirements of G.S. 58‑7‑50.
The provisions of G.S. 58‑7‑50shall not be deemed to prohibit or prevent an insurer from:
(1) Establishing andmaintaining branch offices or regional home offices in other states wherenecessary or convenient to the transaction of its business and keeping thereinthe detailed records and assets customary and reasonably necessary for theservicing of its insurance in force and affairs in the territory served by suchan office, as long as such records and assets are made readily available atsuch office for examination by the Commissioner at his request.
(2) Having, depositing,or transmitting funds and assets of the insurer in or to jurisdictions outsidethis State as required by other jurisdictions as a condition of transactinginsurance in such jurisdictions reasonably and customarily required in theregular course of its business.
(3) Establishing andmaintaining its principal operations offices, its usual operations records, andsuch of its assets as may be necessary or convenient for the purpose, inanother state in which the insurer is authorized to transact insurance in orderthat general administration of its affairs may be combined with that of anaffiliated insurer or insurers, but subject to the following conditions:
a. That theCommissioner consents in writing to such removal of offices, records, andassets from this State upon evidence satisfactory to him that the same willfacilitate and make more economical the operations of the insurer, and will notunreasonably diminish the service or protection thereafter to be given theinsurer's policyholders in this State and elsewhere;
b. That the insurerwill continue to maintain in this State its principal corporate office or placeof business, and maintain therein available to the inspection of theCommissioner complete records of its corporate proceedings and a copy of eachfinancial statement of the insurer current within the preceding five years,including a copy of each interim financial statement prepared for theinformation of the insurer's officers or directors;
c. That, upon thewritten request of the Commissioner, the insurer will with reasonablepromptness produce at its principal corporate offices in this State forexamination or for subpoena, its records or copies thereof relative to aparticular transaction or transactions of the insurer as designated by theCommissioner in his request; and
d. That if at any timethe Commissioner finds that the conditions justifying the maintenance of suchoffices, records, and assets outside of this State no longer exist, or that theinsurer has willfully and knowingly violated any of the conditions stated insub‑subdivisions b. and c., the Commissioner may order the return of suchoffices, records, and assets to this State within such reasonable time, notless than six months, as may be specified in the order; and that for failure tocomply with such order, as thereafter modified or extended, if any, theCommissioner shall suspend or revoke the insurer's license.
(4) Placing itsinvestment assets in one or more custodial accounts inside or outside of thisState with banks, trust companies, or other similar institutions pursuant tocustodial agreements approved by the Commissioner.
(5) Permittingpolicyholder and certificate holder records and claims and other information tobe kept and maintained by agents, general agents, third‑partyadministrators, creditors, employers, associations, and others in the ordinarycourse of business in a manner customary or suitable to the kind or kinds ofinsurance transacted; provided, however, that the insurer shall, uponreasonable notice, make available to the Commissioner or his designee anyrecords or other information permitted by this subsection to be maintained outsidethis State. (1985 (Reg. Sess., 1986), c. 1013, s. 7; 1999‑132,s. 9.1.)
