58-25-50. Separation of funds.
An entirely separate financial statement of the business transactions and of assets and liabilities arising therefrom shall be made in its annual report to the Commissioner by an order or society availing itself of the provisions hereof. The separation of assets, funds, and liabilities required hereby shall not be terminated, rescinded, or modified, nor shall the funds be diverted for any use other than as specified in the preceding section, as long as any certificates issued hereunder remain in force, and this requirement shall be recognized and enforced in any liquidation, reinsurance, merger, or other change in the condition or the status of the order or society. (1987, c. 483, s. 2; 1991, c. 720, s. 4.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 25 - Fraternal Orders.
§ 58-25-1 - General insurance law not applicable.
§ 58-25-5 - Fraternal orders defined.
§ 58-25-10 - Funds derived from assessments and dues.
§ 58-25-20 - Meetings of governing body; principal office.
§ 58-25-25 - Conditions precedent to doing business.
§ 58-25-30 - Certain lodge systems exempt.
§ 58-25-35 - Insurance on children.
§ 58-25-40 - Medical examination; certificates and contributions.
§ 58-25-45 - Reserve fund; exchange of certificates.
§ 58-25-50 - Separation of funds.
§ 58-25-55 - Payments to expense or general fund.
§ 58-25-60 - Continuation of certificates.