§ 58-16-20. Company owned or controlled by foreign government prohibited from doing business.
§58‑16‑20. Company owned or controlled by foreign governmentprohibited from doing business.
(a) Any insurancecompany or other insurance entity that is owned or controlled by any foreigngovernment outside the continental limits of the United States or theterritories of the United States is prohibited from doing any kind of insurancebusiness in the State of North Carolina. For the purposes of this section,"foreign government" means any foreign government or any state,province, municipality, or political subdivision of any foreign government, andshall not be construed to apply to any insurance company organized under thelaws of a foreign nation that is owned or controlled by the private citizens orprivate business interest of that foreign nation.
(b) The Commissionershall not license any insurance company or other insurance entity that is ownedor controlled by any foreign government outside the continental limits of theUnited States or the territories of the United States, nor shall the Commissionerauthorize any such company or entity to transact any kind of insurance businessin the State of North Carolina.
(c) Any insurancecompany or other insurance entity that is owned or controlled by any foreigngovernment outside the continental limits of the United States or theterritories of the United States, or any representative or agent of any suchcompany or entity that violates the provisions of this section, is guilty of aClass 3 misdemeanor.
(d) This section doesnot apply to the operating subsidiary of any insurance company or otherinsurance entity, where the company or entity is owned or controlled by anyforeign government outside the continental limits of the United States or theterritories of the United States, as long as the operating subsidiary isdomesticated in and licensed by another state of the United States as aninsurer or reinsurer and as a separate subsidiary. (1955, c. 449; 1991, c. 720,s. 4; 1993, c. 539, s. 449; 1994, Ex. Sess., c. 24, s. 14(c); 1997‑179,s. 1.)