§ 58-10-525. Application of supervision, rehabilitation, and liquidation provisions to protected cell captive insurance companies.
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§ 58-10-525. Application of supervision, rehabilitation, and liquidation provisions to protected cell captive insurance companies.
(a)Except as otherwise provided in this Part, Article 30 of this Chapter shall apply to a protected cell captive insurance company and to each protected cell of a protected cell captive insurance company.
(b)Upon any order of supervision, rehabilitation, or liquidation of a protected cell or a protected cell captive insurance company, the Commissioner or receiver shall manage the assets and liabilities of the protected cell captive insurance company, including assets and liabilities attributed to protected cells, pursuant to this Part.
(c)Notwithstanding Article 30 of this Chapter:
(1)No assets of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell.
(2)Subject to G.S. 58-10-512(f), a protected cell captive insurance company's capital and surplus shall at all times be available to pay any expenses of, or claims against, the protected cell captive insurance company. (2013-116, s. 1; 2015-99, s. 1; 2016-78, s. 4.1(v).)