§ 58-21-11. Home state.

179 words·~1 min read·/nc/chapter-58/58-21-11

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(a)The provisions of this Article shall apply to those transactions in which North Carolina is the home state of the insured.

(b)Except as provided in subsection

(c)of this section, the term "home state" means, with respect to an insured, either of the following:

(1)The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence.

(2)If one hundred percent (100%) of the insured risk is located out of the state referred to in subdivision

(1)of this subsection, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.

(c)Affiliated Groups. - If two or more insureds from an affiliated group are named insureds on a single nonadmitted insurance contract, the term "home state" means the home state, as determined pursuant to subsection

(b)of this section, of the member of the affiliated group that has the largest percentage of premium attributed to it under that insurance contract. (2011-120, s. 3.)