§ 58-40-5. Definitions. - North Carolina Statutes - USA Laws Searching

Statutes > North Carolina Statutes > Chapter 58 - Insurance. > § 58-40-5. Definitions.

§ 58-40-5. Definitions.

§ 58‑40‑5. Definitions.

As used in this Article:

(1)        Repealed by SessionLaws 2005‑210, s. 3, effective October 1, 2005.

(2)        Repealed by SessionLaws 1991, c. 720, s. 6.

(3)        "Inland marineinsurance" shall be deemed to include insurance now or hereafter definedby statute, or by interpretation thereof, or if not so defined or interpreted,by ruling of the Commissioner or as established by general custom of thebusiness, as inland marine insurance.

(4)        "Member,"unless otherwise apparent from the context, means an insurer who participatesin or is entitled to participate in the management of a statisticalorganization.

(5)        Repealed by SessionLaws 2005‑210, s. 3, effective October 1, 2005.

(5a)      "Statisticalorganization" means every person, other than an admitted insurer, whetherlocated within or outside this State, who performs one or more of the followingfunctions:

a.         Prepares policyforms or makes underwriting rules incident to, but not including, the making ofrates, or rating plans or rating systems.

b.         Collects andfurnishes to admitted insurers or statistical organizations loss or expensestatistics or other statistical information and data and acts in an advisoryrather than a rate‑making capacity. No duly authorized attorney‑at‑lawacting in the usual course of his profession shall be deemed to be astatistical organization.

c.         Makes rates, ratingplans or rating systems, or develops loss costs. Two or more insurers that actin concert for the purpose of making rates, rating plans or rating systems, ordeveloping loss costs and that do not operate within the specificauthorizations contained in G.S. 58‑40‑60, 58‑40‑65, 58‑40‑70,and 58‑40‑75 shall be deemed to be a statistical organization.

d.         Collects data andstatistics from insurers and provides reports from these statistics to theCommissioner for the purpose of fulfilling the statistical reportingobligations of those insurers.

(5b)      "Statisticalplan" means the document used by a statistical organization to set forthwhich data elements are to be reported to the statistical organization and todescribe the format in which the data must be reported.

(6)        "Subscriber,"unless otherwise apparent from the context, means an insurer which is furnishedat its request (i) with rates and rating manuals by a statistical organizationof which it is not a member, or (ii) with advisory services by a statisticalorganization of which it is not a member.

(7)        "Willful"means in relation to an act or omission which constitutes a violation of thisArticle with actual knowledge or belief that such act or omission constitutessuch violation and with specific intent to commit such violation.

(8),(9)  Repealed by SessionLaws 1987, c. 864, s. 66. (1977, c. 828, s. 2; 1987, c. 864, s. 66; 1991, c.720, s. 6; 2005‑210, s. 3.)