North Carolina § 58-10-490 - Inactive captive insurance companies.
Full text of North Carolina North Carolina General Statutes § 58-10-490 — Inactive captive insurance companies., with citation guidance and answers to common questions.
§ 58-10-490. Inactive captive insurance companies.
As used in this section, unless the context requires otherwise, "inactive captive insurance company" means a captive insurance company which meets both of the following criteria: The company has ceased transacting the business of insurance. There are no remaining liabilities associated with policies written or assumed by the company. The Commissioner may declare a captive insurance company, other than a risk retention group, an inactive captive insurance company, if such captive insurance company meets the criteria of subsection (a) of this section. An inactive captive insurance company shall possess and maintain unimpaired capital and surplus in an amount determined by the Commissioner. An inactive captive insurance company shall not be subject to or liable for the payment of any tax under Article 8B of Chapter 105 of the General Statutes. The Commissioner may exempt an inactive captive insurance company from any of the filing and reporting requirements of this Part. History (2015-99, s. 1.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 58-10-490
What does North Carolina General Statutes § 58-10-490 cover?
Section 58-10-490 ("Inactive captive insurance companies.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 58-10-490?
A common citation format is "North Carolina General Statutes § 58-10-490" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 58-10-490 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.