Prior to the certification of the articles of incorporation to the Office of the Secretary of State pursuant to G.S. 58-7-35, the following documentation shall be submitted to the Commissioner:

(1) biographical affidavits in the form identified at 11 NCAC 14 .0409 shall be submitted for each key person as defined in G.S. 58-7-37;

(2) a plan of operation describing the lines of insurance to be written and how the proposed company will perform its various functions;

(3) an actuarial projection of the anticipated operational results for a five-year period based on the initial capitalization of the proposed company and its plan of operation, which projection shall be prepared by a qualified actuary, pursuant to and as defined in the most current NAIC Annual Statement Instructions, shall be in a format similar to the Annual Statement and shall be accompanied by a list of the assumptions utilized in making such projection;

(4) a description of the source of the initial capitalization of the proposed company if other than through a public offering of pre-incorporation subscriptions to the capital stock of the company;

(5) if a public offering of pre-organization subscriptions to capital stock of the proposed company is planned, a statement signed and dated by the proposed company's president or vice president affirming that all of the conditions required for a company to be exempt from G.S. 78A-24 and G.S. 78A-49(d) pursuant to G.S. 78A-17(10) have been met;

(6) the names of the persons managing the accounting, actuarial, underwriting, claims, legal, treasury, marketing, information systems, and reinsurance functions of the proposed company. Such persons shall be experienced in their respective disciplines. Evidence of experience shall be a minimum of three years of employment in the respective disciplines if so noted in the biographical affidavit described in 11 NCAC 14 .0409; and

(7) all background documentation, including fingerprint cards, for each key person as required by and in accordance with G.S. 58-7-37.

(Authority G.S. 58-2-40; 58-2-165; 58-7-35; 58-7-37; 58-7-40; 58-7-75; Eff. February 1, 1976; Readopted with Change Eff. January 22, 1980; Amended Eff. July 1, 2004; April 1, 1990.)

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