14 .0506 - EXCEPTION TO IN FORCE POLICY REQUIREMENTS

14 .0506. EXCEPTION TO IN FORCE POLICY REQUIREMENTS

Pursuant to G.S. 58-16-15, every foreign life insurance company applying for admission to do business in North Carolina must have policies in force upon not less than 500 lives for an aggregate amount of insurance of not less than five hundred thousand dollars ($500,000); provided, however, to facilitate the change of domicile of a foreign company already licensed in North Carolina, the new applicant entity will not be required to possess the requisite number of policies in force because all existing policies of the former licensed entity will satisfy this requirement.

(Authority G.S. 58-16-15; Eff. April 1, 1990.)

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