§ 58-5-80. Return of deposits. - North Carolina Statutes

§58‑5‑80.  Return of deposits.

If such company ceases to dobusiness in this State and its liabilities, whether fixed or contingent uponits contracts, to persons residing in this State or having policies uponproperty situated in this State have been satisfied or have been terminated, orhave been fully reinsured, with the approval of the Commissioner, in a solventcompany licensed to do an insurance business in North Carolina approved by theCommissioner, upon satisfactory evidence of this fact to the Commissioner theState Treasurer or the trustee selected pursuant to G.S. 58‑5‑1shall deliver to such company, upon the order of the Commissioner, thesecurities in his possession belonging to it, or such of them as remain afterpaying the liabilities aforesaid. (1909, c. 923, s. 6; C.S., s.6447; 1951, c. 781, s. 1; 1985, c. 666, s. 57; 1991, c. 720, s. 4.)