§ 58-5-40. Authority to increase deposit. - North Carolina Statutes

§58‑5‑40.  Authority to increase deposit.

When, in the Commissioner'sopinion, it is necessary for the protection of the public interest to increasethe amount of deposits specified in G.S. 58‑5‑5, 58‑5‑10,58‑5‑50, and 58‑5‑55, the companies described in thosesections shall, upon demand, make additional deposits in such sums as theCommissioner may require, and those additional deposits shall be held inaccordance with and for the purposes set out in this Article, and shallcomprise:

(a)        Interest‑bearingbonds of the United States of America;

(b)        Interest‑bearingbonds of the State of North Carolina or of its cities or counties;

(c)        Certificates ofdeposit issued by any solvent bank domesticated in the State of North Carolina;

(d)        Interest‑bearingAA or better rated corporate bonds and classified as investment grade in thelatest NAIC Securities Valuation Manual; or

(e)        Other interest‑bearingbonds or notes considered to be acceptable by the Commissioner on a case bycase basis. (1945, c. 384; 1989, c. 485, s. 34; 1991, c. 681, s.19.)