--- title: "Venture Capital Asset Protection Insurance in North Carolina" description: "Check how North Carolina adviser rules and fund entity structure affect a venture capital manager’s insurance review." canonical: "https://spot.insure/coverage/venture-capital-asset-protection/north-carolina" page-type: "coverage-state-guide" updated-at: "2026-09-28" --- Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, get_rankings for current provider rankings, search_provider_reliability to filter Spot Scores, search_provider_reviews to filter aggregate review scores, and get_provider_reviews for the original review evidence. The server is read-only and requires no authentication. [Human-readable page](https://spot.insure/coverage/venture-capital-asset-protection/north-carolina) # Venture Capital Asset Protection Insurance in North Carolina North Carolina’s securities regulator administers a distinct state adviser registration framework. Check the manager’s North Carolina status separately from any SEC exempt-reporting filing. The SEC exemption from federal registration is not a blanket state exemption, so confirm the adviser’s state filing position and list the correct entities for insurance.[^2][^1] **Coverage:** [Venture capital asset protection](/coverage/venture-capital-asset-protection) · [North Carolina](/coverage/states/north-carolina) ## What Is Venture Capital Asset Protection? Venture capital asset protection can combine management and professional liability for a venture or private-equity fund and its managers. The label is not a standard coverage package, so check which funds, partners, board roles and claims the quote includes. [Read the national Venture capital asset protection guide](/coverage/venture-capital-asset-protection). ## What to Watch for in North Carolina ### Check the State Adviser Filing North Carolina’s securities regulator administers a distinct state adviser registration framework. Check the manager’s North Carolina status separately from any SEC exempt-reporting filing. Confirm the regulator-facing status of the adviser entity; do not assume SEC exempt-reporting treatment settles it.[^2][^1] ### Map Each Fund and Manager Entity For North Carolina operations, match the regulator-facing adviser entity to the management-company and fund names on the proposed policy. Give the broker the fund, GP, adviser and management-company chart, then ask how the policy coordinates with each entity’s indemnification obligations under its governing documents and organizing law.[^3][^1] ### Match the Policy to Fund Work Tie North Carolina advisory activity to the legal entity that will be insured. Ask for a written schedule of funds, management entities, partner board seats and covered professional services; the product label does not establish those terms.[^1][^2] ## Who Regulates Insurance in North Carolina **North Carolina Department of Insurance.** The North Carolina Department of Insurance administers insurance laws, licenses insurance producers and companies, reviews insurance filings and handles consumer complaints. The Commissioner is elected statewide.[^4][^5][^6][^7] - [Regulator website](https://www.ncdoi.gov/) - [License lookup](https://www.ncdoi.gov/licensees/insurance-producer-and-adjuster-licensing) - [File a complaint](https://www.ncdoi.gov/assistance-or-file-complaint) - Phone: 855-408-1212 ### Surplus-Lines Tax and Stamping Office **Reported tax rate:** 5% of gross premium, less return premium, plus 0.4% NC Stamping Office fee for ordinary filed placements When North Carolina is the insured’s home state, surplus-lines tax is 5% of gross premium less return premium; ordinary broker-placed filings also carry a 0.4% stamping fee, while risk-purchasing-group and independent-procurement filings follow separate procedures. A diligent search is generally required; an exempt commercial purchaser may bypass it only after the broker discloses the admitted-market protection difference and receives the purchaser’s subsequent written request. The policy warns that the state guaranty or solvency fund will not pay surplus-lines losses.[^8][^9][^10][^11] [North Carolina Surplus Lines Association / NC Stamping Office](https://www.ncsla.com/) ## Providers With Documented State Licenses No provider in Spot’s research documents both a state license record and this coverage line. This does not establish that providers are unlicensed. [Check the regulator’s license lookup](https://www.ncdoi.gov/licensees/insurance-producer-and-adjuster-licensing) and confirm availability with a provider when requesting a quote. ## Questions to Ask Before You Buy in North Carolina 1. Which adviser, management company, general partner and funds does this proposal insure by name? 2. Does the policy include outside-director protection for partners serving on portfolio-company boards? 3. Are limited-partner allegations about fund disclosures or governance within the covered professional services? ## Venture Capital Asset Protection in North Carolina: FAQ ### Is the federal venture capital adviser exemption enough for state registration in North Carolina? No. The SEC describes an exemption from federal registration for advisers solely to venture-capital funds, while state adviser rules remain a separate question. North Carolina’s securities regulator administers a distinct state adviser registration framework. Check the manager’s North Carolina status separately from any SEC exempt-reporting filing. Check the applicable state filing status for the adviser and its representatives.[^1][^2] ### What North Carolina adviser rule should a VC fund check before buying VCAP? The state adviser-registration summary says: North Carolina’s securities regulator administers a distinct state adviser registration framework. Check the manager’s North Carolina status separately from any SEC exempt-reporting filing. Separate this filing or financial-responsibility rule from liability coverage, then ask the broker whether the policy covers the adviser, GP, management company and funds.[^2][^1] ### Which entities should a venture fund in North Carolina include in its VCAP application? Include the fund, GP, adviser and management company, plus partners’ portfolio-company board roles. For North Carolina operations, match the regulator-facing adviser entity to the management-company and fund names on the proposed policy. Ask the insurer to confirm which entities, services and board seats are covered in writing.[^1][^3] ## Venture Capital Asset Protection in Other States - [Alabama](/coverage/venture-capital-asset-protection/alabama) - [Alaska](/coverage/venture-capital-asset-protection/alaska) - [Arizona](/coverage/venture-capital-asset-protection/arizona) - [Arkansas](/coverage/venture-capital-asset-protection/arkansas) - [California](/coverage/venture-capital-asset-protection/california) - [Colorado](/coverage/venture-capital-asset-protection/colorado) - [Connecticut](/coverage/venture-capital-asset-protection/connecticut) - [Delaware](/coverage/venture-capital-asset-protection/delaware) - [District of Columbia](/coverage/venture-capital-asset-protection/district-of-columbia) - [Florida](/coverage/venture-capital-asset-protection/florida) - [Georgia](/coverage/venture-capital-asset-protection/georgia) - [Hawaii](/coverage/venture-capital-asset-protection/hawaii) - [Idaho](/coverage/venture-capital-asset-protection/idaho) - [Illinois](/coverage/venture-capital-asset-protection/illinois) - [Indiana](/coverage/venture-capital-asset-protection/indiana) - [Iowa](/coverage/venture-capital-asset-protection/iowa) - [Kansas](/coverage/venture-capital-asset-protection/kansas) - [Kentucky](/coverage/venture-capital-asset-protection/kentucky) - [Louisiana](/coverage/venture-capital-asset-protection/louisiana) - [Maine](/coverage/venture-capital-asset-protection/maine) - [Maryland](/coverage/venture-capital-asset-protection/maryland) - [Massachusetts](/coverage/venture-capital-asset-protection/massachusetts) - [Michigan](/coverage/venture-capital-asset-protection/michigan) - [Minnesota](/coverage/venture-capital-asset-protection/minnesota) - [Mississippi](/coverage/venture-capital-asset-protection/mississippi) - [Missouri](/coverage/venture-capital-asset-protection/missouri) - [Montana](/coverage/venture-capital-asset-protection/montana) - [Nebraska](/coverage/venture-capital-asset-protection/nebraska) - [Nevada](/coverage/venture-capital-asset-protection/nevada) - [New Hampshire](/coverage/venture-capital-asset-protection/new-hampshire) - [New Jersey](/coverage/venture-capital-asset-protection/new-jersey) - [New Mexico](/coverage/venture-capital-asset-protection/new-mexico) - [New York](/coverage/venture-capital-asset-protection/new-york) - [North Dakota](/coverage/venture-capital-asset-protection/north-dakota) - [Ohio](/coverage/venture-capital-asset-protection/ohio) - [Oklahoma](/coverage/venture-capital-asset-protection/oklahoma) - [Oregon](/coverage/venture-capital-asset-protection/oregon) - [Pennsylvania](/coverage/venture-capital-asset-protection/pennsylvania) - [Rhode Island](/coverage/venture-capital-asset-protection/rhode-island) - [South Carolina](/coverage/venture-capital-asset-protection/south-carolina) - [South Dakota](/coverage/venture-capital-asset-protection/south-dakota) - [Tennessee](/coverage/venture-capital-asset-protection/tennessee) - [Texas](/coverage/venture-capital-asset-protection/texas) - [Utah](/coverage/venture-capital-asset-protection/utah) - [Vermont](/coverage/venture-capital-asset-protection/vermont) - [Virginia](/coverage/venture-capital-asset-protection/virginia) - [Washington](/coverage/venture-capital-asset-protection/washington) - [West Virginia](/coverage/venture-capital-asset-protection/west-virginia) - [Wisconsin](/coverage/venture-capital-asset-protection/wisconsin) - [Wyoming](/coverage/venture-capital-asset-protection/wyoming) [Other Coverage in North Carolina](/coverage/states/north-carolina) ## Sources [^1]: [Private Fund Adviser Overview](https://www.sec.gov/about/divisions-offices/division-investment-management/private-fund-adviser-overview) — U.S. Securities and Exchange Commission; Federal exemptions for advisers solely to venture capital funds; state registration may also apply. Accessed 2026-09-28. [^2]: [North Carolina Investment Adviser Registration Information](https://www.nasaa.org/industry-resources/investment-advisers/state-investment-adviser-registration-information/north-carolina/) — North American Securities Administrators Association; State investment adviser registration requirements and regulator reference. Accessed 2026-09-28. [^3]: [North Carolina Legal Materials](https://www.law.cornell.edu/states/north-carolina) — Legal Information Institute, Cornell Law School; Constitution and Legislation; official state statutes portal. Accessed 2026-09-28. [^4]: [North Carolina Department of Insurance](https://www.ncdoi.gov/) — North Carolina Department of Insurance; Official department homepage.. Accessed 2026-09-28. [^5]: [Insurance Producer and Adjuster Licensing](https://www.ncdoi.gov/licensees/insurance-producer-and-adjuster-licensing) — North Carolina Department of Insurance; Official licensing landing page provides license status lookup, producer licensing and SBS resources.. Accessed 2026-09-28. [^6]: [File a Complaint](https://www.ncdoi.gov/assistance-or-file-complaint) — North Carolina Department of Insurance; Official insurance complaint form and consumer assistance page; toll-free line 855-408-1212.. Accessed 2026-09-28. [^7]: [Commissioner of Insurance](https://www.ncdoi.gov/about-doi/leadership/mike-causey) — North Carolina Department of Insurance; Official commissioner biography says officeholder was elected statewide.. Accessed 2026-09-28. [^8]: [N.C. Gen. Stat. §58-21-85](https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-21-85.html) — North Carolina General Assembly; 5% tax on gross premiums less returns when insured’s home state is North Carolina; treatment of reciprocal allocation also provided.. Accessed 2026-09-28. [^9]: [Surplus Lines](https://www.ncdoi.gov/insurance-industry/form-and-rate-filings/property-and-casualty-pc/surplus-lines) — North Carolina Department of Insurance; Current DOI surplus-lines page identifies NC Stamping Office; states a 0.4% fee for ordinary new/renewal filings; excludes RRG and independent procurement.. Accessed 2026-09-28. [^10]: [N.C. Gen. Stat. §58-21-16](https://www.ncleg.gov/EnactedLegislation/Statutes/PDF/BySection/Chapter_58/GS_58-21-16.pdf) — North Carolina General Assembly; ECP diligent-search waiver requires broker disclosure that admitted insurance may provide greater protection and purchaser subsequent written request; ECP definition appears in subsection (b).. Accessed 2026-09-28. [^11]: [Surplus Lines](https://www.ncdoi.gov/insurance-industry/form-and-rate-filings/property-and-casualty-pc/surplus-lines) — North Carolina Department of Insurance; Required surplus-lines policy language says state guaranty or solvency fund will not pay losses on policy.. Accessed 2026-09-28. [^12]: [Licenses](https://www.at-bay.com/licenses/) — At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21. [^13]: [Licenses and Carriers](https://www.coalitioninc.com/legal/licenses) — Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535.. Accessed 2026-09-22. [^14]: [Insurance Producer Licenses](https://www.corgi.insure/broker-licenses) — Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown.. Accessed 2026-09-28. [^15]: [About Hiscox US Insurance](https://www.hiscox.com/about-hiscox-insurance) — Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16. [^16]: [Licenses](https://www.nextinsurance.com/insurance-licenses/) — ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885.. Accessed 2026-09-28. [^17]: [Insurance Licenses by State](https://www.techinsurance.com/legal/licenses) — TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number.. Accessed 2026-09-28. [^18]: [Licenses](https://www.vouch.us/legal/licenses) — Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict.. Accessed 2026-09-15. Updated 2026-09-28. This guide is informational and does not determine whether a policy is available or meets your needs. [Editorial policy](/editorial-policy). To suggest a correction, [contact Spot](/contact) with a supporting source. ## Agent and Developer Resources - [Markdown page](https://spot.insure/coverage/venture-capital-asset-protection/north-carolina.md) - [Developer resources](https://spot.insure/developers) - [Public MCP server](https://spot.insure/mcp) - [MCP server manifest](https://spot.insure/server.json) - [OpenAPI description](https://spot.insure/openapi.json) - [Public page index](https://spot.insure/llms.txt)