58-5-40. Authority to increase deposit.
When, in the Commissioner's opinion, it is necessary for the protection of the public interest to increase the amount of deposits specified in G.S. 58-5-5, 58-5-10, 58-5-50, and 58-5-55, the companies described in those sections shall, upon demand, make additional deposits in such sums as the Commissioner may require, and those additional deposits shall be held in accordance with and for the purposes set out in this Article, and shall comprise:
(a) Interest-bearing bonds of the United States of America;
(b) Interest-bearing bonds of the State of North Carolina or of its cities or counties;
(c) Certificates of deposit issued by any solvent bank domesticated in the State of North Carolina;
(d) Interest-bearing AA or better rated corporate bonds and classified as investment grade in the latest NAIC Securities Valuation Manual; or
(e) Other interest-bearing bonds or notes considered to be acceptable by the Commissioner on a case by case basis. (1945, c. 384; 1989, c. 485, s. 34; 1991, c. 681, s. 19.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 5 - Deposits and Bonds by Insurance Companies.
§ 58-5-1 - Deposits; use of master trust.
§ 58-5-5 - Amount of deposits required of foreign or alien fire and/or marine insurance companies.
§ 58-5-15 - Minimum deposit required upon admission.
§ 58-5-25 - Replacements upon depreciation of securities.
§ 58-5-30 - Power of attorney.
§ 58-5-35 - Securities held by Treasurer; faith of State pledged therefor; nontaxable.
§ 58-5-40 - Authority to increase deposit.
§ 58-5-50 - Deposits of foreign life insurance companies.
§ 58-5-55 - Deposits of capital and surplus by domestic insurance companies.
§ 58-5-63 - Interest; liquidation of deposits for liabilities.
§ 58-5-70 - Lien of policyholders; action to enforce.
§ 58-5-71 - Liens of policyholders; subordination.
§ 58-5-75 - Substitution for securities paid.
§ 58-5-80 - Return of deposits.
§ 58-5-90 - Deposits held in trust by Commissioner or Treasurer.
§ 58-5-95 - Deposits subject to approval and control of Commissioner.
§ 58-5-100 - Deposits by alien companies required and regulated.
§ 58-5-105 - Deposits by life companies not chartered in United States.
§ 58-5-110 - Registration of bonds deposited in name of Treasurer or Commissioner.