{"data":{"id":"us-nc/n.c.-gen.-stat.-58-10-370","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-10-370","heading":"Capital and surplus requirements.","body":"(a)\tNo applicant business entity shall be issued a license unless it possesses and maintains unimpaired paid-in capital and surplus of:\n(1)\tIn the case of a pure captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.\n(2)\tIn the case of an association captive insurance company, not less than five hundred thousand dollars ($500,000).\n(3)\tIn the case of an industrial insured captive insurance company, not less than five hundred thousand dollars ($500,000).\n(4)\tIn the case of a risk retention group, not less than one million dollars ($1,000,000).\n(5)\tIn the case of a protected cell captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.\n(6)\tIn the case of a special purpose captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.\n(b)\tThe Commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business to be transacted.\n(c)\tCapital and surplus required by subsections (a) and (b) of this section shall be in the form of cash, securities approved by the Commissioner, a clean irrevocable letter of credit issued by a bank approved by the Commissioner, or other form approved by the Commissioner. (2013-116, s. 1; 2014-65, s. 5; 2015-99, s. 1; 2016-78, s. 4.1(f).)","path":["Chapter 58. Insurance.","Article 10. Miscellaneous Insurer Financial Provisions.","Part 9. Captive Insurance Companies."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-10-370.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"7080911f46ee347dee403a24a79a59ea35255386d34f636fc4d850dd82be18ef","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-10-365","next":"us-nc/n.c.-gen.-stat.-58-10-375"},"notice":"GroundRules: Original legal text. Not legal advice."}