58-7-188. Time limit for disposal of ineligible property and securities; effect of failure to dispose.
(a) Any property or securities lawfully acquired by an insurer that it could not otherwise have invested in or lent its funds upon at the time of the acquisition shall be disposed of within three years from the date of acquisition, unless within that period the security has attained to the standard of eligibility; except that any security or property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for the reinsurance, merger, or consolidation as approved by the Commissioner under this Chapter. Upon application by the insurer and proof that forced sale of any such property or security would materially injure the insurer's interests, the Commissioner may extend the disposal period for an additional reasonable time.
(b) Any property or securities lawfully acquired and held by an insurer after expiration of the period for their disposal or any extension of the period granted by the Commissioner shall not be allowed as an asset of the insurer. (1991, c. 681, s. 29.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 7 - General Domestic Companies.
§ 58-7-1 - Application of this Chapter and general laws.
§ 58-7-5 - Extension of existing charters.
§ 58-7-10 - Certificate required before issuing policies.
§ 58-7-15 - Kinds of insurance authorized.
§ 58-7-16 - Funding agreements authorized.
§ 58-7-21 - Credit allowed a domestic ceding insurer.
§ 58-7-22 - Term and universal life insurance reserve financing.
§ 58-7-30 - Insolvent ceding insurer.
§ 58-7-31 - Life and health reinsurance agreements.
§ 58-7-33 - Minimum policyholders' surplus to assume property or casualty reinsurance.
§ 58-7-35 - Manner of creating such corporations.
§ 58-7-37 - Background of incorporators and proposed management personnel.
§ 58-7-40 - First meeting; organization; license.
§ 58-7-45 - Bylaws; classification and election of directors; amendments.
§ 58-7-46 - Notification to Commissioner for president or chief executive officer changes.
§ 58-7-50 - Maintenance and removal of records and assets.
§ 58-7-55 - Exceptions to requirements of G.S58-7-50.
§ 58-7-60 - Approval as a domestic insurer.
§ 58-7-65 - Conversion to foreign insurer.
§ 58-7-70 - Effects of redomestication.
§ 58-7-73 - Dissolutions of insurers.
§ 58-7-75 - Amount of capital and/or surplus required; impairment of capital or surplus.
§ 58-7-80 - Capital stock fully paid in cash.
§ 58-7-95 - Establishment of separate accounts by life insurance companies.
§ 58-7-105 - Authority to increase or reduce capital stock.
§ 58-7-110 - Assessment of shares; revocation of license.
§ 58-7-115 - Increase of capital stock.
§ 58-7-120 - Reduction of capital stock.
§ 58-7-130 - Dividends and distributions to stockholders.
§ 58-7-140 - Certain officers debarred from commissions.
§ 58-7-145 - Restrictions on purchase and sale of equity securities of domestic companies.
§ 58-7-160 - Investments unlawfully acquired.
§ 58-7-162 - Allowable or admitted assets.
§ 58-7-163 - Assets not allowed.
§ 58-7-165 - Eligible investments.
§ 58-7-167 - General qualifications.
§ 58-7-168 - Authorization of investment.
§ 58-7-172 - Cash and deposits.
§ 58-7-173 - Permitted insurer investments.
§ 58-7-178 - Foreign or territorial investments.
§ 58-7-180 - Chattel mortgages.
§ 58-7-182 - Special investments by title insurers.
§ 58-7-183 - Special consent investments.
§ 58-7-185 - Prohibited investments and investment underwriting.
§ 58-7-187 - Real estate, in general.
§ 58-7-192 - Valuation of securities and investments.
§ 58-7-193 - Valuation of property.
§ 58-7-197 - Replacing certain assets; reporting certain liabilities.
§ 58-7-198 - Assets of foreign or alien insurers.