North Carolina § 58-34-5 - Retrospective compensation agreements.
Full text of North Carolina North Carolina General Statutes § 58-34-5 — Retrospective compensation agreements., with citation guidance and answers to common questions.
§ 58-34-5. Retrospective compensation agreements.
Retrospective compensation agreements for business written under Articles 1 through 64 of this Chapter must be filed with the Commissioner for his approval. "Retrospective compensation agreement" means any such arrangement, agreement, or contract having as its purpose the actual or constructive retention by a domestic insurer of a fixed proportion of the gross premiums, with the balance of the premiums, retained actually or constructively by the agent or the producer of the business, who assumes to pay therefrom all losses, all subordinate commissions, loss adjustment expenses and his profit, if any, with other provisions of such arrangement, agreement, or contract auxiliary or incidental to such purpose. The standards for approval shall be as set forth under G.S. 58-34-2(d)(5). History (1987, c. 752, s. 8; 1989, c. 485, s. 60; 1991, c. 681, s. 52.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 58-34-5
What does North Carolina General Statutes § 58-34-5 cover?
Section 58-34-5 ("Retrospective compensation agreements.") 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 § 58-34-5?
A common citation format is "North Carolina General Statutes § 58-34-5" (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 § 58-34-5 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.