§ 58-36-87. Affiliate transfer of policies.

119 words·~1 min read·/nc/chapter-58/58-36-87

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period is not a refusal to renew when it is delivered by:

(1)The same insurer; or

(2)An affiliate or subsidiary, as those terms are defined in G.S. 58-19-5, that has a financial strength rating, issued by an industry-recognized independent insurance rating company, which financial strength rating is at least as good as the insurer issuing the superseded policy. The provisions of G.S. 58-36-110 and G.S. 58-36-85 apply to the affiliate or subsidiary as if it were the same insurer issuing the policy. (2015-264, s. 44.5(a); 2016-78, s. 6.2.)