§ 58-11-35. Mutual life insurance companies; assessments prohibited. - North Carolina Statutes

§58‑11‑35.  Mutual life insurance companies; assessments prohibited.

No domestic mutual lifeinsurance company shall, after March 6, 1945, be organized to issue any policyof life insurance or any annuity contract which provides for the payment of anyassessment by any policyholder or member in addition to the regular premiumcharged for such insurance; nor shall any such company have power to levy orcollect any such assessment.  No foreign or alien life insurance company shallbe permitted to do business in this State if it does business, in this State orelsewhere, on such or any other assessment plan. (1945, c. 386.)