§ 58-10-260. Exemptions and effective dates.
§ 58‑10‑260. Exemptions and effective dates.
(a) Upon writtenapplication of any insurer, the Commissioner may grant an exemption fromcompliance with any and all provisions of this Part if the Commissioner finds,upon review of the application, that compliance with this Part would constitutea financial or organizational hardship upon the insurer. An exemption may begranted at anytime and from time to time for a specified period or periods.Within 10 days after a denial of an insurer's written request for an exemption,the insurer may request in writing a hearing on its application for anexemption. The hearing shall be held in accordance with Article 3A of Chapter150B of the General Statutes.
(b) Domestic insurersretaining a certified public accountant on July 31, 2009, who qualify asindependent shall comply with this Part for the year ending December 31, 2010,and each year thereafter unless the Commissioner permits otherwise.
(c) Foreign insurersshall comply with this Part for the year ending December 31, 2010, and eachyear thereafter unless the Commissioner permits otherwise.
(d) The requirements ofG.S. 58‑10‑210(d) shall become effective for audits of the yearbeginning January 1, 2010, and each year thereafter.
(e) The requirements ofG.S. 58‑10‑245 shall become effective on January 1, 2010. Aninsurer or group of insurers that is not required to have independent auditcommittee members or only a majority of independent audit committee members, asopposed to a supermajority, because the total written and assumed premium isbelow the threshold and subsequently becomes subject to one of the independencerequirements due to changes in premium shall have one year following the yearthe threshold is exceeded, but not earlier than January 1, 2010, to comply withthe independence requirements. Likewise, an insurer that becomes subject to oneof the independence requirements as a result of a business combination shallhave one calendar year following the date of acquisition or combination tocomply with the independence requirements.
(f) The requirementsof G.S. 58‑10‑255 become effective beginning with the reportingperiod ending December 31, 2010, and each year thereafter. An insurer or groupof insurers that is not required to file a report because the total writtenpremium is below the threshold and subsequently becomes subject to thereporting requirements shall have two years following the year the threshold isexceeded, but not earlier than December 31, 2010, to file a report. An insureracquired in a business combination shall have two calendar years after the dateof acquisition or combination to comply with the reporting requirements. (2009‑384, s. 1.)