§ 58-17-1. "Lloyds" insurance associations may transact business of insurance other than life, on certain conditions.
Article17.
"Lloyds"Insurance Associations.
§ 58‑17‑1. "Lloyds" insurance associations may transact business of insuranceother than life, on certain conditions.
Associations of individuals,whether organized within the State or elsewhere, formed upon the plan known as"Lloyds" whereby each associate underwriter becomes liable for aproportionate part of the whole amount insured by policy may be authorized totransact business of insurance, other than life, in this State, in like mannerand upon the same terms and conditions as are required of and imposed uponinsurance companies regularly organized; but all such "Lloyds"whether organized within the State or elsewhere, shall make the same deposit,and upon the same terms and conditions as required by Articles 5 and 16 of thisChapter for foreign or alien insurance companies incorporated under the laws ofany government or state other than the United States or one of the severalstates of the Union. Provided, such associations shall be subject to all ofthe laws and regulations of the State of North Carolina relating to thetransaction of insurance business within this State. (1967,c. 844.)