§ 58-59-15. Record of securities kept by Commissioner; deficit made good. - North Carolina Statutes

§58‑59‑15.  Record of securities kept by Commissioner; deficit madegood.

The Commissioner shall keep acareful record of the securities deposited by each company, and when furnishingthe annual certificates of value required in this Article, he may enter thereonthe face and market value of the securities deposited by such company.  If atany time it appears from such certificate or otherwise that the value ofsecurities held on deposit is less than the net value of the registeredpolicies and annuity bonds issued by such companies, it is not lawful for theCommissioner to execute the certificate on any additional policies or annuitybonds of such company until it has made good the deficit.  If any company failsor neglects to make such deposits for 60 days the Commissioner may suspend itslicense to do business until such deposit be made. (1905, c. 504, s. 16; Rev.,s. 4784; C.S., s. 6471; 1945, c. 379; 1991, c. 720, s. 4.)