§ 58-59-25. Power of Commissioner in case of insolvency. - North Carolina Statutes

§58‑59‑25.  Power of Commissioner in case of insolvency.

If at any time the affairs ofa life insurance company which has deposited securities under the provisions ofthis Article, in the opinion of the Commissioner, appear in such condition asto render the issuing of additional policies and annuity bonds by such companyinjurious to the public interest, the Commissioner may take such proceedingsagainst the company as are authorized by law to be taken against otherinsolvent companies, and said companies are in all respects subject to theprovisions of law affecting other companies. (1905, c. 504, s. 20; Rev.,s. 4788; C.S., s. 6475; 1991, c. 720, s. 4.)