§ 58-59-10. Withdrawal of deposits. - North Carolina Statutes

§58‑59‑10.  Withdrawal of deposits.

Any such company whosedeposits exceed the net value of all registered policies and annuity bonds ithas in force, less such liens not exceeding such value as the company holdsagainst them, may withdraw such excess or it may withdraw any of suchsecurities at any time by depositing in their place others of equal value andof the character authorized by law; and as long as such company remains solventand keeps up its deposits, as herein required, it may collect the interest andcoupons on the securities deposited as they accrue; and any life insurancecompany may withdraw such securities by and with the consent of thepolicyholder only; and in case of such withdrawal, the certificate ofregistration in each case must be surrendered for cancellation, or a receiptfrom the policyholder, satisfactory to the Commissioner, must be producedbefore such withdrawal of deposits shall be allowed. (1905,c. 504, s. 18; Rev., s. 4782; 1911, c. 134; C.S., s. 6469; 1991, c. 720, s. 4.)