§ 58-11-25. Deposits by foreign assessment companies or orders. - North Carolina Statutes

§58‑11‑25.  Deposits by foreign assessment companies or orders.

Each foreign insurancecompany, association, order, or fraternal benefit society doing business inthis State on the assessment plan shall keep at all times deposited with theCommissioner or in its head office in this State, or in some responsiblebanking or trust company, one regular assessment sufficient to pay the averageloss or losses occurring among its members in this State during the timeallowed by it for the collection of assessments and payment of losses.  Itshall notify the Commissioner of the place of deposit and furnish him at alltimes such information as he requires in regard thereto; and no such company,association, order, or fraternal benefit society shall be licensed by theCommissioner unless it makes and maintains with him for the protection of itsobligations at least five thousand dollars ($5,000) in United States or NorthCarolina bonds, in farm loan bonds issued by federal land banks, or in thebonds of some county, city, or town in North Carolina to be approved by theCommissioner, or a good and sufficient bond or note, secured by deed of truston real estate situate in North Carolina, and approved by the Commissioner. (1899,c. 54, s. 84; 1903, c. 438, s. 9; Rev., s. 4713; 1913, c. 119, ss. 2, 3; 1917,c. 191, s. 2; C.S., s. 6361; 1945, c. 386; 1991, c. 720, s. 4.)