§ 58-5-55. Deposits of capital and surplus by domestic insurance companies.
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§ 58-5-55. Deposits of capital and surplus by domestic insurance companies.
(a)In addition to other requirements of Articles 1 through 64 of this Chapter, all domestic stock insurance companies shall deposit their required statutory capital with the Commissioner, and all domestic nonstock insurance companies shall deposit their required statutory surplus with the Commissioner. Such deposits shall be under the exclusive control of the Commissioner for the protection of policyholders.
(b)In addition to other requirements of Articles 1 through 64 of this Chapter, all domestic mutual insurance companies shall deposit at least fifty percent (50%) of their minimum required surplus with the Commissioner, with the amount of the deposit to be determined by the Commissioner. Such deposits shall be under the exclusive control of the Commissioner for the protection of policyholders.
(c)Deposits fulfilling the requirements of this section shall comprise:
(1)Interest-bearing bonds of the United States of America;
(2)Interest-bearing bonds of the State of North Carolina or of its cities or counties; or
(3)Certificates of deposit issued by any solvent bank domesticated in the State of North Carolina. (1989, c. 485, s. 35; 1991, c. 681, s. 20; 1993, c. 504, s. 3; 2008-124, s. 2.5; 2015-281, s. 7.)