§ 58-30-55. Condition on release from delinquency proceedings. - North Carolina Statutes

§58‑30‑55.  Condition on release from delinquency proceedings.

No insurer that is subject toany delinquency proceedings, whether formal or informal, administrative orjudicial, shall:

(1)        Be released fromsuch proceeding, unless such proceeding is converted into a judicialrehabilitation or liquidation proceeding;

(2)        Be permitted tosolicit or accept new business or request or accept the restoration of anysuspended or revoked license;

(3)        Be returned to thecontrol of its shareholders or private management; or

(4)        Have any of itsassets returned to the control of its shareholders or private management;

until all payments of or onaccount of the insurer's contractual obligations by all guaranty associations,along with all expenses thereof and interest on all such payments and expenses,have been repaid to the guaranty associations or a plan of repayment by theinsurer shall have been approved by the guaranty associations. (1989,c. 452, s. 1; 1999‑132, s. 9.1; 2000‑140, s. 14.)