North Carolina Insurance Industry – Governance, Risk and Compliance

GlobalData’s ‘North Carolina Insurance Industry – Governance, Risk and Compliance’ report is the result of extensive research into the insurance regulatory framework in North Carolina.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the state.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in North Carolina, including –

– An overview of the insurance regulatory framework in North Carolina.

– The latest key changes, and changes expected in the state’s insurance regulatory framework.

– Key regulations and market practices related to different types of insurance product in the state.

– Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in North Carolina.

– Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

– Details of the tax and legal systems in the state.

Key Highlights

– The North Carolinian insurance industry is regulated by the DOI.

– Composite insurance is not permitted in North Carolina.

– 100% FDI is permitted in the North Carolinian insurance industry.

– Non-admitted insurance is not permitted in the North Carolinian insurance industry. However, there are exceptions to this rule as described in the non-admitted section of this report.

– Key classes of compulsory insurance include motor third-party liability insurance and health insurance.

Scope

– The report covers details of the insurance regulatory framework in North Carolina.

– The report contains details of the rules and regulations governing insurance products and insurance entities.

– The report lists and analyzes key trends and developments pertaining to the state’s insurance regulatory framework.

– The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.

– The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

• The North Carolinian insurance industry is regulated by the DOI.

• Composite insurance is not permitted in North Carolina.

• 100% FDI is permitted in the North Carolinian insurance industry.

• Non-admitted insurance is not permitted in the North Carolinian insurance industry. However, there are exceptions to this rule as described in the non-admitted section of this report.

• Key classes of compulsory insurance include motor third-party liability insurance and health insurance.

Reasons to buy

– Gain insights into the insurance regulatory framework in North Carolina.

– Track the latest regulatory changes, and expected changes impacting North Carolinian insurance industry.

– Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.

– Understand key regulations and market practices pertaining to various types of insurance product.

Companies mentioned

Table of Contents

Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Workers’ compensation insurance

2.4.3 Health insurance

2.4.4 Aviation third-party liability insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 National Association of Insurance Commissioners

2.5.3 Federal Insurance Office

2.5.4 National Association of Mutual Insurance Companies

2.5.5 American Property Casualty Insurance Association

2.5.6 Reinsurance Association of America

2.5.7 Department of Insurance

2.5.8 North Carolina Captive Insurance Association

2.5.9 North Carolina Surplus Lines Association

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData’s Services

3.5 Disclaimer

List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: The US – North Carolina – Insurance Regulatory Framework Key Features

Table 3: The US – North Carolina – Life Insurance Regulatory Framework

Table 4: The US – North Carolina – Property Insurance Regulatory Framework

Table 5: The US – North Carolina- Motor Insurance Regulatory Framework

Table 6: The US – North Carolina – Liability Insurance Regulatory Framework

Table 7: The US – North Carolina – Tax Rates for the Financial Year 2020

Table 8: The US – North Carolina -Tax Rates for the Financial Year 2020

List of Figures

List of Figures

Figure 1: The US – North Carolina – Insurance Supervision and Control at Various Levels

Figure 2: The US – North Carolina – Insurance Regulatory Frameworks for Company Registration and Operation

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