§ 58-58-125. Minimum premium rates for assessment life insurance companies. - North Carolina Statutes

Part 4. Miscellaneous Provisions.

§ 58‑58‑125. Minimum premium rates for assessment life insurance companies.

No assessment life insurancecorporation, organization or association of any kind issuing policies orcontracts upon the life of any resident of this State shall hereafter beorganized or licensed by the Commissioner unless such corporation, organizationor association adopt premium rates based upon the attained age of the assuredat the time of issuance of the contract and such rates shall not be less thanthose fixed by the American Experience Table of Mortality or any otherrecognized table of mortality approved by the Commissioner. Nothing containedin this section shall be construed to affect burial associations regulatedunder G.S. 143B‑472 through 143B‑472.28 or railroad burialassociations. (1939,c. 161; 1991, c. 720, ss. 4, 32.)