{"data":{"id":"us-nc/n.c.-gen.-stat.-58-10-490","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-10-490","heading":"Inactive captive insurance companies.","body":"(a)\tAs used in this section, unless the context requires otherwise, \"inactive captive insurance company\" means a captive insurance company which meets all of the following criteria:\n(1)\tThe company has ceased transacting the business of insurance.\n(2)\tThere are no remaining liabilities associated with policies written or assumed by the company.\n(3)\tThe Commissioner declares the company inactive.\n(b)\tThe Commissioner may declare a captive insurance company, other than a risk retention group, an inactive captive insurance company, if such captive insurance company meets the criteria of subdivisions (a)(1) and (a)(2) of this section.\n(c)\tAn inactive captive insurance company shall possess and maintain unimpaired capital and surplus in an amount determined by the Commissioner.\n(d)\tAn inactive captive insurance company shall not be subject to or liable for the payment of any tax under Article 8B of Chapter 105 of the General Statutes for any full year the captive insurance company is inactive.\n(e)\tThe Commissioner may exempt an inactive captive insurance company from any of the filing and reporting requirements of this Part.\n(f)\tG.S. 58-10-496 is inapplicable to subsection (a) of this section unless the captive insurance company has been placed into supervision, receivership, or liquidation pursuant to Article 30 of Chapter 58 of the General Statutes and the Commissioner has determined that the payment of the minimum tax required by G.S. 105-228.4A(f) will result in the captive insurance company's inability to meet its insurance obligations. (2015-99, s. 1; 2022-7, s. 9.)","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_58-10-490.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"aec523c54935feeba0d85abf6bc9c05cd1fbd67319eaf2c76d46aa7083dfbb30","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-10-485","next":"us-nc/n.c.-gen.-stat.-58-10-495"},"notice":"GroundRules: Original legal text. Not legal advice."}