14 .0604 - REQUIREMENTS FOR CONTINUED ELIGIBILITY

14 .0604. REQUIREMENTS FOR CONTINUED ELIGIBILITY

(a) Once a company is deemed to be eligible to write surplus lines business and is placed on the Department's list, it may remain on the list each month as long as it remains in good repute and continues to satisfy the eligibility requirements of G.S. 58-21-20(a).

(b) Any eligible company with total capital and surplus of fifteen million dollars ($15,000,000) or less must file quarterly financial statements within 45 days after the end of each quarter.

(c) All eligible companies licensed in at least one state in the United States must file annual statements each year in the form required under G.S. 58-2-165 by March 1 of the following year.

(d) Each eligible alien company must file annual financial reports in the English language and in U.S. dollar amounts within six months after the close of its fiscal year.

(Authority G.S. 58-2-40; 58-2-165; 58-21-20; 58-21-30; Eff. April 1, 1990; Amended Eff. April 1, 1993.)

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