§ 58-16-25. Retaliatory laws. - North Carolina Statutes

§58‑16‑25.  Retaliatory laws.

When, by the laws of any otherstate or nation, any fines, penalties, licenses, fees, deposits of money or ofsecurities, or other obligations or prohibitions are imposed upon insurancecompanies of this State doing business in such other state or nation or upontheir agents therein greater than those imposed by this State upon insurancecompanies of such other state, then, so long as such laws continue in force,the same fines, penalties, licenses, fees, deposits, obligations andprohibitions, of whatever kind, may in the discretion of the Commissioner beimposed upon all such insurance companies of such other state or nation doingbusiness within this State and upon their agents here.  Nothing herein repealsor reduces the license, fees, taxes, and other obligations now imposed by thelaws of this State or to go into effect with the companies of any other stateor nation unless some company of this State is actually doing or seeking to dobusiness in such state or nation.  When an insurance company organized underthe laws of any state or country is prohibited by the laws of such state orcountry or by its charter from investing its assets other than capital stock inthe bonds of this State, then and in such case the Commissioner is authorizedand directed to refuse to grant a license to transact business in this State tosuch insurance company. (1899, c. 54, s. 71; 1903, c. 536, s. 11; Rev., s.4749; C.S., s. 6413; 1927, c. 32; 1945, c. 384; 1987, c. 814, s. 3; 1991, c.720, s. 4.)