§ 58-58-65. Reinsurance of companies regulated. - North Carolina Statutes

§58‑58‑65.  Reinsurance of companies regulated.

The receiver of any lifeinsurance company organized under the laws of this State, when the assets ofthe company are sufficient for that purpose, and the consent of two thirds ofits policyholders has been secured in writing, may reinsure all the policyobligations of such company in some other solvent life insurance company, or,when the assets are insufficient to secure the reinsurance of all the policiesin full, he may reinsure such a percentage of each and every policy outstandingas the assets will secure; but there must be no preference or discrimination asagainst any policyholder, and the contract for such reinsurance by the receivermust be approved by the Commissioner before it has effect. (1899,c. 54, s. 58; 1903, c. 536, s. 9; Rev., s. 4778; C.S., s. 6462; 1945, c. 379;1991, c. 720, s. 61.)