§ 58-5-100. Deposits by alien companies required and regulated. - North Carolina Statutes

§58‑5‑100.  Deposits by alien companies required and regulated.

An alien company, other thanlife, shall not be admitted to do business in this State until, in addition tocomplying with the conditions by law prescribed for the licensing and admissionof such companies to do business in this State, it has made a deposit with theTreasurer or Commissioner, or with the financial officer of some other state ofthe United States, of a sum not less than the capital required of likecompanies under Articles 1 through 64 of this Chapter.  This deposit must be inexclusive trust for the benefit and security of all the company's policyholdersand creditors in the United States, and may be made in the securities, butsubject to the limitations, specified in Articles 1 through 64 of this Chapterwith regard to the investment of the capital of domestic companies formed andorganized under the provisions of Articles 1 through 64 of this Chapter.  Thedeposit shall be deemed for all purposes of the insurance law the capital ofthe company making it. (1899, c. 54, s. 64; 1903, c. 438, s. 6; Rev., s.4711; C.S., s. 6315; 1945, c. 384; 1991, c. 720, s. 52.)