§ 58-5-55. Deposits of capital and surplus by domestic insurance companies. - North Carolina Statutes

§ 58‑5‑55. Deposits of capital and surplus by domestic insurance companies.

(a)        In addition toother requirements of Articles 1 through 64 of this Chapter, all domestic stockinsurance companies shall deposit their required statutory capital with theCommissioner. Such deposits shall be under the exclusive control of theCommissioner for the protection of policyholders.

(b)        In addition toother requirements of Articles 1 through 64 of this Chapter, all domesticmutual insurance companies shall deposit at least fifty percent (50%) of theirminimum required surplus with the Commissioner, with the amount of the depositto be determined by the Commissioner. Such deposits shall be under theexclusive control of the Commissioner for the protection of policyholders.

(c)        Deposits fulfillingthe requirements of this section shall comprise:

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

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

(3)        Certificates ofdeposit issued by any solvent bank domesticated in the State of North Carolina. (1989, c. 485,s. 35; 1991, c. 681, s. 20; 1993, c. 504, s. 3; 2008‑124, s. 2.5.)