§ 58-59-5. Additional deposits may be required. - North Carolina Statutes

§58‑59‑5.  Additional deposits may be required.

Each company which has madedeposits herein provided for shall make additional deposits from time to time,as the Commissioner prescribes, in amounts of not less than five thousanddollars ($5,000) and of such securities as are described in the precedingsection [G.S. 58‑59‑1], so that the admitted value of thesecurities deposited shall equal the net value of the registered policies andannuity bonds issued by the company, less such liens not exceeding such valueas the company has against it. The Commissioner shall annually value or causeto be valued such policies and shall prepare an estimate based upon probablechanges in the minimum amounts to be kept on deposit for each month of theensuing year. (1905, c. 504, s. 15; Rev., s. 4781; 1909, c. 920, s.3; 1911, c. 140, s. 2; 1917, c. 191, s. 3; C.S., s. 6468; 1945, c. 379; 1991,c. 720, s. 4.)