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.)
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.