Foreign Insurance Companies
Filing an Expansion Application
The North Carolina Department of Insurance accepts the "Uniform Certificate of Authority Application" from companies seeking a certificate of authority to write the business of insurance in North Carolina. The "Uniform Certificate of Authority Application" for "Expansion" allows foreign insurers to file copies of the same application for admission in numerous states. Instructions to complete the forms are included with each form. This application can be accessed at www.naic.org/industry_ucaa.htm.
- Submit a nonrefundable application fee. (Schedule of Fees)
- Submit a Power of Attorney for Sale or Transfer of Securities.
- Submit a Power of Attorney for Service of Legal Process.
- Maintain capital and surplus in accordance with North Carolina General Statute 58-7-75 based on the type of insurance company.
- Maintain a minimum statutory deposit in North Carolina for the benefit of all policyholders as outlined below.
|TYPE OF COMPANY||STATUTORY DEPOSIT MINIMUM||STATUTORY REFERENCE|
|Foreign fire and/or marine||$100,000||NCGS § 58-5-5|
|Foreign fidelity, surety and casualty||$200,000||NCGS § 58-5-10|
|Foreign life insurance||$400,000||NCGS § 58-5-50|
Health Maintenance Organizations (HMOs)
In addition to the "Uniform Certificate of Authority Application" accessed at www.naic.org/industry_ucaa.htm, please refer to Chapter 58, Article 67 (Health Maintenance Organization Act) and for additional licensing requirements. (NCGS § 58-67-10 and NCGS §58-67-11)
Filing a Corporate Amendments Application
Foreign insurers requesting to amend their certificate of authority in North Carolina, such as adding or deleting lines of business, should complete a "Uniform Certificate of Authority Application" for "Corporate Amendments" as accessed at www.naic.org/industry_ucaa.htm.
Questions about corporate amendments applications can be directed to: