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2019 North Carolina General Statutes
Chapter 58 - Insurance
Article 10 - Miscellaneous Insurer Financial Provisions.
§ 58-10-575 - Minimum capital.
Universal Citation: NC Gen Stat § 58-10-575 (2019)
58-10-575. Minimum capital.
(a) An SPFC shall initially possess and maintain minimum capital of not less than two hundred and fifty thousand dollars ($250,000). All of the minimum initial capitalization shall be in cash. All other funds of the SPFC in excess of its minimum initial capitalization shall be in the form of cash, cash equivalent, or securities invested as approved by the Commissioner.
(b) Additional capitalization for the SPFC shall be determined, if so required, by the Commissioner after giving due consideration to the SPFC's plan of operation, feasibility study, pro formas, and the nature of the risks being insured or reinsured, which may be prescribed in formulas approved by the Commissioner.
(2013-116, s. 1.)
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