NC S647

Creates a new regulatory framework allowing domestic mutual insurance companies to reorganize into mutual insurance holding companies with stock insurance subsidiaries under Article 10, Chapter 58 of North Carolina General Statutes.

Requires Commissioner approval of reorganization plans and establishes two application types: limited applications (holding 100% of subsidiary stock) with $250 fee and standard applications (allowing third-party interests) with $500 fee.

Mandates mutual insurance holding companies maintain majority voting control of reorganized insurance company subsidiaries, establish policyholder membership interests, and comply with annual financial reporting requirements including income statements, balance sheets, and investment plans.

Prohibits officers and directors from purchasing more than 5% of stock offerings and requires majority independent board representation after initial stock offerings to protect policyholder interests.

Changes fire code inspection requirements for state public buildings from annually to "as often as is required in the fire code adopted by the North Carolina Building Code Council."