\n(a) Except for Article 11 of this Chapter and as otherwise specifically provided, all the provisions of Articles 1 through 64 of this Chapter relating to insurers generally, and those relating to insurers writing the same kinds of insurance that reciprocals are permitted to write, are applicable to reciprocals.\n(b) A reciprocal shall be deemed to comply with G.S. 58-3-105 if:\n(1) It issues policies containing a contingent assessment liability, provided for in G.S. 58-15-60; and\n(2) It maintains reinsurance in an amount that the Commissioner considers adequate to reasonably limit the reciprocal's aggregate losses to the lesser of:\na. Ten percent (10%) of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;\nb. The surplus to policyholders of the reciprocal multiplied by three; or\nc. Five million dollars ($5,000,000). (1989, c. 425, s. 1.)
North Carolina Legal Code