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North Carolina Statutes and Regulations Pertinent to Accident and Health Questions and Answers Fully Solved
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North Carolina Statutes and Regulations Pertinent to Accident and Health
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North Carolina Statutes and RegulationsPertinent to Accident and Health
Contract of Insurance - answer-Agreement that obligates an insurer to compensate an
insured upon the destruction, loss, or injury of something in which the insured has an
interest.
Alien Company - answer-Any company incorporated or organized under the laws of any
jurisdiction outside of the United States of America (Get permit: Certificate of Authority)
Commissioner - answer-The Commissioner of Insurance of North Carolina, or an
authorized designee of the Commissioner.
-Makes sure laws are being followed.
Department - answer-The North Carolina Department of Insurance
Domestic Company - answer-Any company incorporated or organized under the laws of
North Carolina (Get permit: Certificate of Authority)
Foreign Company - answer-Any company incorporated or organized under the laws of
the United States or any of its jurisdictions other than the laws of NC (Get permit:
Certificate of Authority)
Insurance Company/Insurer - answer-Any corporation, association, partnership, society,
order, individual or group of individuals engaging, proposing or attempting to engage as
principals in any kind of insurance business.
NAIC - answer-National Association of Insurance Commissioners
-All states get together 4 times a year
Person - answer-An individual, partnership, firm, association, corporation, joint-stock
company, trust, or similar entity, or any combination of the above acting in concert.
Election and Term of Office - answer-Commissioner is elected by residents of North
Carolina for a 4 year term
-If Commissioner's office becomes vacant, Governor must act as Commissioner for the
unexpired portion of the term
-Appoints and may remove a Deputy Chief Commissioner who has the authority to act
with all powers vested in the Commissioner in their absence, death,
resignation,disability or disqualification.
, General Rules and Broad Powers - answer-Advises the Governor on insurance matters
and is responsible for organizing, administering and carrying out the general duties and
broad powers of the department.
Commissioners Primary Duties Involve - answer-Issuing, refusing, suspending, or
revoking Certificates of Authority to insurers and licenses to insurance agents.
-Establishes rules and regulations to fulfill NC insurance laws
-Conducts exams, investigations and hearings to administer state insurance laws
-Reports to Attorney General violations of laws relative to insurance companies and
overall business expense
-Providing insurance Policy or contract summaries upon request to state residents.
-Providing a list of insurance policies or contract rates to the public
-Administering oaths
-Arresting any person suspected of violating insurance of law if holding evidence
-Seeking restraining orders, from appropriate superior court, against person violating, or
whom the Commissioner believes might violate, insurance law. Order may be granted
regardless of whether criminal prosecution is instituted under any provision of law.
-Ordering a stay of the reporting times for proof of loss as established by insurance
policies, in the event that the state or a portion of this state is declared a disaster area.
Shall not exceed later of 45 days or the expiration of the declaration of disaster.
-CAN NOT make insurance laws up to state legislature
Hearings - answer-Examinations, hearings and investigations may be conducted by
Commissioner personally, or by one or more designated deputies, investigators,
actuaries, examiners, or employees
-If there's evidence to charge person(s) with criminal violation of any provision,
Commissioner may arrest with warrant or cause the person(s) to be arrested
-Must notify all interested parties of a hearing's time, place, and subject.
-After hearing, Commissioner may suspend or revoke a license or alternatively impose
an administrative fine of not less than $100 but no more that $1,000
Investigation of Complaints - answer-Person must report and Commissioner must
investigate suspected insurance fraud or a licensee's financial impairment.
-Person acting without malice is immune from liability
-In Investigation Commissioner may examine the insurer's books, records, and
documents
-Commissioner may request information for an investigation from any person. If
complaint is justified the insurer is required to pay investigation expenses and any
appropriate fines
-Insurer or agent must keep records of all written complaints for 5 years after the
complains final disposition, until commissioner adopts a final report of a general
examination that contains review of these records, whichever is later
-Records may be subject to inspection and should contain at a minimum:
--Insured's name
--Nature of the complaint
--Policy/Claim number of the insured
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