§ 58-19-17. Foreign or alien insurer's report of change of control.
§58‑19‑17. Foreign or alien insurer's report of change of control.
(a) As used in thissection, "controlling capital stock" means enough of an insurer'sshares of the issued and outstanding stock, as defined in G.S. 58‑19‑5(2),to give its owner the power to exercise a controlling influence over themanagement or policies of the insurer.
(b) If there is achange in the controlling capital stock or a change of twenty‑fivepercent (25%) or more of the assets of a foreign or alien insurer, the insurershall report the change in writing to the Commissioner within 30 days after theeffective date of the change. The report shall be in a form prescribed by theCommissioner and shall contain the name and address of the new owners of thecontrolling stock or assets, the nature and value of the new assets, and otherrelevant information that the Commissioner requires. (1991,c. 681, s. 38.)