§ 58-7-183. Special consent investments. - North Carolina Statutes

§58‑7‑183.  Special consent investments.

(a)        After satisfyingthe requirements of this Chapter, any funds of an insurer in excess of itsreserves and policyholders' surplus required to be maintained may be invested:

(1)        Without limitationin any investments otherwise authorized by this Chapter; or

(2)        In such otherinvestments not specifically authorized by this Chapter as long as any singleinterest investment does not exceed two percent (2%) of admitted assets and theaggregate of the investments does not exceed the lesser of five percent (5%) ofthe insurer's total admitted assets or sixty percent (60%) of the amount bywhich the insurer's policyholders' surplus exceeds the minimum required to bemaintained.

The limitations in subdivision(2) of this subsection may be exceeded if approved in writing by theCommissioner.

(b)        In no case shallthe investments authorized under this section being held by an insurer begreater than the amount by which the insurer's policyholders' surplus exceedsthe minimum required to be maintained.

(c)        Notwithstanding theprovisions of this section, an insurer may not invest in investments prohibitedby this Chapter. (1991, c. 681, s. 29; 1993, c. 452, s. 14.1, c. 504,s. 6.)