N.C. Gen. Stat. § 58-13-5
Purposes
North Carolina · North Carolina General Statutes Chapter 58 — Chapter 58. · Status: effective
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- N.C. Gen. Stat. § 58-13-5, Purposes, North Carolina, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1315331
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Full text
Purposes. The purposes of this Article are to require insurers to maintain unencumbered assets in amounts equal to policyholder-related liabilities and minimum required capital and minimum required surplus; to provide preferential claims against insurers' assets in favor of owners, beneficiaries, assignees, and holders of insurance policies and certificates; and to prevent the pledging, hypothecation, or encumbrance of assets without a prior written order of the Commissioner. (1985, c. 327, s. 1; 1991, c. 681, s. 30.1; 1993, c. 504, s. 7.)