§ 58-59-1. Deposits to secure registered policies. - North Carolina Statutes

Article59.

Registered Policies.

§ 58‑59‑1. Deposits to secure registered policies.

Any life insurance company,incorporated under the laws of this State, may deposit with the Commissionersecurities of the kind authorized for the investment of the funds of lifeinsurance companies, which shall be legally transferred by it to him asCommissioner and his successors for the common benefit of all the holders ofits "registered" policies and annuity bonds issued under theprovisions of this Article; and these securities shall be held by him and hissuccessors in office in trust for the purposes and objects specified herein.

All securities offered to theCommissioner for deposit under this section shall be received and held pursuantto regulations promulgated by the Commissioner. (1905, c. 504, s. 12; Rev.,s. 4780; 1909, c. 920, ss. 1, 2; 1911, c. 140, s. 1; 1917, c. 191, s. 2; C.S.,s. 6467; 1945, c. 379.)