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 (available as Form 11 under Primary App here) 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
For details regarding the redomestication process, please contact the following:
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. To pay renewal fees electronically, use the Electronic Payment Option.