§ 58-8-40. Nonassessable policies; foreign or alien companies. - North Carolina Statutes

§58‑8‑40.  Nonassessable policies; foreign or alien companies.

No foreign or alien insurancecompany shall be licensed to issue in this State nonassessable policies unlessit has a free surplus equal in amount to that required of a domestic insurancecompany, writing the same kind or kinds of insurance, and in addition theretohas fully complied with the requirements of the government under which it wasorganized; and no foreign or alien insurance company may be licensed to dobusiness in this State to issue assessable policies if it issues nonassessablepolicies in any other state or country unless all policies shall state that anyassessment shall be for the exclusive benefit of holders of policies whichprovide for such contingent liability and the holders of policies subject toassessment shall not be liable to assessment in an amount greater in proportionto the total deficiency than the ratio that the deficiency attributable to theassessable business bears to the total deficiency. (1945, c. 386.)