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.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 8 - Mutual Insurance Companies.
§ 58-8-1 - Mutual insurance companies organized; requisites for doing business.
§ 58-8-5 - Manner of amending charter.
§ 58-8-10 - Policyholders are members of mutual companies.
§ 58-8-15 - Directors in mutual companies.
§ 58-8-20 - Mutual companies with a guaranty capital.
§ 58-8-25 - Dividends to policyholders.
§ 58-8-30 - Contingent liability of policyholders.
§ 58-8-35 - Contingent liability printed on policy.
§ 58-8-36 - Administrative fees.
§ 58-8-40 - Nonassessable policies; foreign or alien companies.
§ 58-8-50 - Guaranty against assessments prohibited.
§ 58-8-55 - Manner of making assessments; rights and liabilities of policyholders.