§ 58-25-50. Separation of funds. - North Carolina Statutes

§58‑25‑50.  Separation of funds.

An entirely separate financialstatement of the business transactions and of assets and liabilities arisingtherefrom shall be made in its annual report to the Commissioner by an order orsociety availing itself of the provisions hereof.  The separation of assets,funds, and liabilities required hereby shall not be terminated, rescinded, ormodified, nor shall the funds be diverted for any use other than as specifiedin the preceding section, as long as any certificates issued hereunder remainin force, and this requirement shall be recognized and enforced in anyliquidation, reinsurance, merger, or other change in the condition or thestatus of the order or society. (1987, c. 483, s. 2; 1991, c.720, s. 4.)