N.C. Gen. Stat. § 58-5-50
Deposits of foreign life insurance companies
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
In addition to other requirements of this Chapter, all foreign life insurance companies shall deposit securities, as specified in G.S. 58-5-20, that have a market value of four hundred thousand dollars ($400,000) as a prerequisite of doing business in this State. All foreign life insurance companies shall deposit an additional two hundred thousand dollars ($200,000) where such companies cannot show three years of net income before being licensed in this State.
In addition to other requirements of this Chapter, all foreign life insurance companies shall deposit securities, as specified in G.S. 58-5-20, that have a market value of four hundred thousand dollars ($400,000) as a prerequisite of doing business in this State. All foreign life insurance companies shall deposit an additional two hundred thousand dollars ($200,000) where such companies cannot show three years of net income before being licensed in this State.
History
(1989, c. 485, s. 35; 2003-212, s. 3; 2005-215, s. 3; 2008-124, s. 2.1.)
Effect of Amendments. - Session Laws 2005-215, s. 3, effective July 20, 2005, deleted the last sentence, which read: "Foreign life insurance companies that are licensed on or before the effective date of this section shall have one year from that date to comply with this section."
Session Laws 2008-124, s. 2.1, effective July 28, 2008, deleted "of Articles 1 through 64" following "other requirements," substituted "that have" for "having" following "G.S. 58-5-20," and substituted "income before being licensed in this State" for "operational gains prior to admission" at the end.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.