{"data":{"id":"us-nc/n.c.-gen.-stat.-58-10-580","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-10-580","heading":"Authorized activities.","body":"(a)\tAn SPFC shall only insure the risks of a counterparty.\n(b)\tNo SPFC shall issue a contract for assumption of risk or indemnification of loss other than an SPFC contract. However, the SPFC may cede risks assumed through an SPFC contract to third-party reinsurers through the purchase of reinsurance or retrocession protection on terms approved by the Commissioner.\n(c)\tAn SPFC may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfill the purposes of the SPFC contract, insurance securitization, and this Part. Those activities may include, but are not limited to:\n(1)\tEntering into SPFC contracts.\n(2)\tIssuing SPFC securities in accordance with applicable securities law.\n(3)\tComplying with the terms of such contracts or securities.\n(4)\tEntering into trust, guaranteed investment contract, letter of credit, swap, tax, administration, reimbursement, or fiscal agent transactions.\n(5)\tComplying with trust indenture, reinsurance, or retrocession, and agreements necessary or incidental to effectuate an insurance securitization in compliance with this Part or the plan of operation approved by the Commissioner.\n(d)\tAn SPFC shall do all of the following:\n(1)\tDiscount its reserves at discount rates as approved by the Commissioner.\n(2)\tMaintain reserves that are actuarially sufficient to support the liabilities incurred by an SPFC in reinsuring life insurance policies.\n(3)\tFile annually with the Commissioner an actuarial opinion on reserves provided by an approved independent actuary. (2013-116, s. 1.)","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_58-10-580.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"b761b7870b074a6cb207ffa1a268dc5a40c4742fff1f6ccc2bdcd0938742630e","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-10-575","next":"us-nc/n.c.-gen.-stat.-58-10-585"},"notice":"GroundRules: Original legal text. Not legal advice."}