§ 58-2-165. Annual, semiannual, monthly, or quarterly statements to be filed with Commissioner.
§ 58‑2‑165. Annual, semiannual, monthly, or quarterly statements to be filed withCommissioner.
(a) Except as providedin subsection (a1) of this section, every insurance company shall file in theCommissioner's office, on or before March 1 of each year, a statement showingthe business standing and financial condition of the company, association, ororder on the preceding December 31, signed and sworn to by the chief managingagent or officer thereof, before the Commissioner or some officer authorized bylaw to administer oaths. Provided, the Commissioner may, for good andsufficient cause shown by an applicant company, extend the filing date of thecompany's annual statement, for a reasonable period of time, not to exceed 30days. In addition, except as provided in subsection (a1) of this section, theCommissioner may require any insurance company, association, or order to fileits statement semiannually, quarterly, or monthly.
(a1) A town or countymutual, organized under G.S. 58‑7‑75(5)d., is required to file onlyan annual statement or an audited financial statement that was prepared by acertified public accountant if for the preceding year it had a direct writtenpremium of less than one hundred fifty thousand dollars ($150,000) and fewerthan 400 policyholders. The Commissioner shall not require those mutuals tofile statements semiannually, quarterly, or monthly.
(b) The Commissionermay require statements under this section, G.S. 58‑2‑170, and G.S.58‑2‑190 to be filed in a format that can be read by electronicdata processing equipment, provided that this subsection does not apply to anaudited financial statement prepared by a certified public accountant that issubmitted by a town or county mutual pursuant to subsection (a1) of thissection.
(c) Except as providedherein, all statements filed under this section must be prepared in accordancewith the appropriate NAIC Annual Statement Instructions Handbook and pursuantto the NAIC Accounting Practices and Procedures Manual and on the NAIC ModelFinancial Statement Blank, unless further modified by the Commissioner as theCommissioner considers to be appropriate. This subsection does not apply tostatements filed by a town or county mutual organized under G.S. 58‑7‑75(5)d.if for the preceding year it had a direct written premium of less than onehundred fifty thousand dollars ($150,000) and fewer than 400 policyholders. (1899,c. 54, ss. 72, 73, 83, 90, 97; 1901, c. 706, s. 2; 1903, c. 438, s. 9; Rev., s.4698; C.S., s. 6280; 1945, c. 383; 1957, c. 407; 1985, c. 666, ss. 50, 51; 1985(Reg. Sess., 1986), c. 1013, s. 11; 1991, c. 681, s. 7; 1993, c. 504, s. 1;1998‑211, s. 22; 1999‑192, s. 1.)