§ 58-13-5. Purposes. - North Carolina Statutes

§ 58‑13‑5. Purposes.

The purposes of this Articleare to require insurers to maintain unencumbered assets in amounts equal topolicyholder‑related liabilities and minimum required capital and minimumrequired surplus; to provide preferential claims against insurers' assets infavor of owners, beneficiaries, assignees, and holders of insurance policiesand certificates; and to prevent the pledging, hypothecation, or encumbrance ofassets without a prior written order of the Commissioner. (1985,c. 327, s. 1; 1991, c. 681, s. 30.1; 1993, c. 504, s. 7.)