§ 58-8-50. Guaranty against assessments prohibited.
78 words·~1 min read·
/nc/chapter-58/58-8-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 58-8-50. Guaranty against assessments prohibited.
If any director, officer, or agent of a mutual insurance company, either officially or privately, gives a guarantee to a policyholder of the company against an assessment to which that policyholder would otherwise be liable, the director, officer, or agent shall be punished by a fine not exceeding one thousand dollars ($1,000) for each offense. (1899, c. 54, s. 100; Rev., s. 3496; C.S., s. 6352; 1945, c. 386; 2003-212, s. 16.)