{"data":{"id":"us-nc/n.c.-gen.-stat.-58-15-30","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-15-30","heading":"License, surplus, and deposit requirements.","body":"(a)\tNo reciprocal shall engage in any insurance transaction in this State until it has obtained a license to do so in accordance with the applicable provisions of Articles 1 through 64 of this Chapter. The license shall continue in full force and effect, subject to timely payment of an annual license continuation fee in accordance with G.S. 58-6-7 and subject to any other applicable provision of the insurance laws of this State.\n(b)\tNo domestic or foreign reciprocal shall be licensed in this State unless it has a surplus to policyholders of at least eight hundred thousand dollars ($800,000); and no alien reciprocal shall be licensed unless it has a trusteed surplus of at least eight hundred thousand dollars ($800,000).\n(c)\tEach domestic, foreign, or alien reciprocal licensed in this State shall deposit and maintain deposits with the Commissioner of at least four hundred thousand dollars ($400,000) in cash or in value of securities of the kind specified in G.S. 58-5-15, which shall be subject to Article 5 of this Chapter. (1989, c. 425, s. 1; 2003-212, s. 26(e); 2004-203, s. 74(a); 2005-215, s. 24.)","path":["Chapter 58. Insurance.","Article 15. Reciprocal Insurance.","Part 1. General Provisions."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-15-30.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"e25f07697b52aed4fe1106b1c787ba0c5cf558e18cea7b9005cb568e9273ca14","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-15-25","next":"us-nc/n.c.-gen.-stat.-58-15-35"},"notice":"GroundRules: Original legal text. Not legal advice."}