20-121 20-121 . . . Long-Term Incentive Plan for three executives of corporation. Material terms of performance goals established for participants are based upon results of certain transactions including acquisitions of assets, blocks of business, or other entities, mergers, or gains from the disposition of certain investments (Triggering Event). A bonus pool is created upon occurrence of each Triggering Event to be divided among participants according to participation units specified by the Compensation Committee. Pool equals percentage of amount involved in applicable transaction; maximum percentage is five percent of amount involved
North Carolina Long Term Incentive Plan of Life Re Corp.
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US-CC-20-121
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How to fill out Long Term Incentive Plan Of Life Re Corp.?
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FAQ
Any insurer in North Carolina can send policies to the NCRF. This is called "ceding" the policy. Although the company writes the policy, by giving it up to the NCRF, they no longer get the plan premiums. Instead, the premiums ? and the risks ? are shared by all insurance companies that participate in the NCRF.
A reinsurance facility is an unincorporated, nonprofit entity, through which auto insurers provide coverage and service claims.
The Reinsurance Facility is a mechanism for pooling of insurance risks who cannot obtain coverage by ordinary methods. Premiums, losses, and expenses are shared by the member companies in proportion to their respective North Carolina automobile liability insurance writings.
Which of the following is a statutory requirement of the North Carolina Reinsurance Facility: Any admitted insurer must accept automobile liability coverage from any eligible risk.
(a) It is unlawful for any insurance company licensed and admitted to do business in this State to issue, sell, or dispose of any policy, contract, certificate, or certificate of insurance, or use applications in connection therewith, until the forms of the same have been submitted to and approved by the Commissioner, ...
If the violation is willful, the maximum penalty is $10,000 for each act. A cease and desist order will be placed requiring the individual to refrain from engaging in the prohibited acts.
Under state law, the Insurance Commissioner serves as State Fire Marshal. From training fire and rescue personnel, to helping improve building codes, to awarding grants to fire and rescue departments for equipment, OSFM plays a vital role in protecting lives and property in North Carolina.
(1) "Cede" or "cession" means the act of transferring the risk of loss from the individual insurer to all insurers through the operation of the facility. (2) Repealed by Session Laws 1991, c. 720, s. 6. (3) "Company" means each member of the Facility.
§ 58-2-5. His term of office begins on the first day of January next after his election, and is for four years or until his successor is elected and qualified. If a vacancy occurs during the term, it shall be filled by the Governor for the unexpired term. (Rev., ss. 4680, 4681; 1907, c.
North Carolina Motor Vehicle Reinsurance Facility. § 58-37-1. Definitions. As used in this Article: (1) "Cede" or "cession" means the act of transferring the risk of loss from the individual insurer to all insurers through the operation of the facility.
