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NC DOI »   Licensees »   Company Licensing and Registration »   Domestic Insurance Companies

Domestic Insurance Companies

Domestic Insurance Companies

Filing an Application

To apply for licensure as a domestic insurance company, applicants must submit:

  • A nonrefundable application fee. (Schedule of Fees)
  • A copy of the proposed Articles of Incorporation.
  • A copy of the proposed Bylaws.
  • A detailed plan of operations describing the lines of insurance to be written, marketing, underwriting, claims handling, the reinsurance program, the management structure/compensation, and any other relevant functions.
  • A proforma financial forecast for the longer of the first 5 years of operations or until profitability, which includes a balance sheet; income statement; cash flow statement; statement of direct, assumed, and ceded premiums written and earned by line of business; and risk-based capital forecast. A qualified individual must prepare the proforma financial forecast, and documentation of all assumptions used in preparing the proforma financial forecast should be provided.
  • A plan for initial capitalization, including the amount and source of the initial capital. Capital and surplus should meet the requirements outlined in NCGS § 58-7-75 based on the type of insurance company.
  • If the applicant will be a member of a holding company system, an organizational chart, applicable holding company forms (i.e. Form B, Form C, Form F), and financial statements for the ultimate controlling person.
  • A summary of the proposed corporate governance for the applicant that includes substantially all of the requirements for the Corporate Governance Annual Disclosure as outlined in NCSG § 58-10-755 through 58-10-790, which will be a required filing for the applicant after licensure.
  • Name and contact information for appointed actuary and accountant.
  • Draft copies of management, administrative, or custodial agreements entered into pursuant to NCGS § 58-19-30(b)(4) and NCGS § 58-34-10. Such contracts should clearly outline the obligations of both parties, including the services to be provided to the applicant and the fee to be paid for these services.
  • The proposed reinsurance program, as well as how the applicant will comply with NCGS § 58-3-105.
  • The proposed investment policy.
  • A Biographical Affidavit for the ultimate controlling person, all incorporators, and all proposed officers and directors. All questions on the affidavits must be answered, and if a question is not applicable or the answer is none, please indicate as such.
  • Fingerprint cards for all key personnel as defined by NCGS § 58-7-37. (Information regarding fingerprint cards can be obtained from a local sheriff’s department.)
  • The location of the office to be established in North Carolina, as well as the city and state where financial, corporate, reinsurance, accounting, and claims records will be located.
  • A Power of Attorney for Sale or Transfer of Securities
  • A Power of Attorney for Service of Legal Process
  • A President's Sworn Statement

Additional Form

  • Certification of the Organizational Meeting and the Adoption of Bylaws

Redomestication

For details regarding the redomestication process, please contact the following:

Joe Greene
919-807-6182
joseph.greene@ncdoi.gov

Annual License Renewal

  • Every licensed domestic insurance company must submit a license update form and pay a nonrefundable renewal fee by March 1 each year in order to retain its license.

Company Licensing and Registration

  • Domestic Insurance Companies
  • Nonadmitted Domestic Surplus Lines Insurers
  • Foreign Insurance Companies
  • Foreign Risk Retention Groups
  • Risk Purchasing Groups
  • Prepaid Health Plans
  • Health Maintenance Organization
  • Surplus Lines Companies
  • Accredited Reinsurers
  • Authorized Reinsurers
  • Certified Reinsurers
  • Reinsurance Intermediary
  • Reciprocal Jurisdiction Reinsurers

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North Carolina Department of Insurance

Physical Address:
Albemarle Building
325 N. Salisbury Street
Raleigh NC 27603-5926

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NC Department of Insurance
1201 Mail Service Center
Raleigh NC 27699-1201

Toll Free 855-408-1212

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https://www.ncdoi.gov/licensees/company-licensing-and-registration/domestic-insurance-companies