(1) Bonds, notes,warrants, and other evidences of indebtedness that are direct obligations ofthe U.S. Government or for which the full faith and credit of the U.S.Government is pledged for the payment of principal and interest.
(2) Loans insured orguaranteed as to principal and interest by the U.S. Government or by any agencyor instrumentality of the U.S. Government to the extent of the insurance orguaranty.
(3) Student loans insuredor guaranteed as to principal by the U.S. Government or by any agency orinstrumentality of the U.S. Government to the extent of the insurance orguaranty.
(4) Bonds, notes,warrants, and other securities not in default that are the direct obligationsof any state or United States territory or the government of Canada or anyCanadian province, or for which the full faith and credit of such state,government, or province has been pledged for the payment of principal andinterest.
(5) Bonds, notes,warrants, and other securities not in default of any county, district,incorporated city, or school district in any state of the United States, or theDistrict of Columbia, or in any Canadian province, that are the directobligations of the county, district, city, or school district and for paymentof the principal and interest of which the county, district, city, or schooldistrict has lawful authority to levy taxes or make assessments.
(6) Bonds, notes,certificates of indebtedness, warranties, or other evidences of indebtednessthat are payable from revenues or earnings specifically pledged therefor of anypublic toll bridge, structure, or improvement owned by any state, incorporatedcity, or legally constituted public corporation or commission, all within the UnitedStates or Canada, for the payment of the principal and interest of which alawful sinking fund has been established and is being maintained and if nodefault by the issuer in payment of principal or interest has occurred on anyof its bonds, notes, warrants, or other securities within five years prior tothe date of investment therein.
(7) Bonds, notes,certificates of indebtedness, warrants, or other evidences of indebtedness thatare valid obligations issued, assumed, or guaranteed by the United States, anystate, any county, city, district, political subdivision, civil division, orpublic instrumentality of any such government or unit thereof, or in anyprovince of Canada; if by statute or other legal requirements the obligationsare payable as to both principal and interest from revenues or earnings fromthe whole or any part of any utility supplying water, gas, a sewage disposalfacility, electricity, or any other public service, including but not limitedto a toll road or toll bridge.
(8) Bonds, debentures,or other securities of the following agencies, whether or not those obligationsare guaranteed by the U.S. Government:
a. Fannie Mae, andstock thereof when acquired in connection with the sale of mortgage loans tothe Association.
b. Any federal landbank, when the securities are issued under the Farm Loan Act;
c. Any federal homeloan bank, when the securities are issued under the Home Loan Bank Act;
d. The Home Owners'Loan Corporation, created by the Home Owners' Loan Act of 1933;
e. Any federalintermediate credit bank, created by the Agricultural Credits Act;
f. The Central Bankfor Cooperatives and regional banks for cooperatives organized under the FarmCredit Act of 1933, or by any of such banks; and any notes, bonds, debentures,or other similar obligations, consolidated or otherwise, issued by farm creditinstitutions under the Farm Credit Act of 1971;
g. Any other similaragency of the U.S. Government that is of similar financial quality.
(9) Bonds, debentures,or other securities of public housing authorities, issued under the HousingAct, of 1949, the Municipal Housing Commission Act, or the Rural HousingCommission Act, or issued by any public housing authority or agency in theUnited States, if the bonds, debentures, or other securities are secured by apledge of annual contributions to be paid by the United States or any UnitedStates agency.
(10) Obligations issued,assumed, or guaranteed by the International Bank for Reconstruction andDevelopment, the International Finance Corporation, the Inter‑AmericanDevelopment Bank, the Asian Development Bank, or the African Development Bank;and the cost of investments made under this subdivision in any one institutionshall not exceed three percent (3%) of the insurer admitted assets.
(11) Bonds, notes, orother interest‑bearing or interest‑accruing obligations of anysolvent institution organized under the laws of the United States, of anystate, Canada or any Canadian province; provided the instruments are designatedand valued in accordance with the Purposes and Procedures Manual of the NAICSecurities Valuation Office. The cost of investments made under thissubdivision in any one issuer shall not exceed three percent (3%) of aninsurer's admitted assets.
(12) Secured obligationsof duly constituted churches and of church‑holding companies; and thecost of investments made under this subdivision shall not exceed three percent(3%) of the insurer's admitted assets.
(13) Equipment trustobligations or certificates adequately secured and evidencing an interest intransportation equipment, wholly or in part within the United States, and theright to receive determined portions of rental, purchase, or other fixedobligatory payments for the use or purchase of that transportation equipment;and the cost of investments made under this subdivision shall not exceed twentypercent (20%) of the insurer's admitted assets.
(14) Share or savingsaccounts of savings and loan associations or building and loan associations.
(15) Loans with a maturitynot in excess of 12 years from the date thereof that are secured by the pledgeof securities eligible for investment under this Chapter or by the pledge orassignment of life insurance policies issued by other insurers authorized totransact insurance in this State. On the date made, no such loan shall exceedin amount seventy‑five percent (75%) of the market value of thecollateral pledged, except that loans upon the pledge of U.S. Government bondsand loans upon the pledge or assignment of life insurance policies shall notexceed ninety‑five percent (95%) of the market value of the bonds or thecash surrender value of the policies pledged. The market value of thecollateral pledge shall at all times during the continuance of the loans meetor exceed the miminum percentages herein. Loans made under this section shallnot be renewable beyond a period of 12 years from the date of the loan.
(16) Stocks, common orpreferred, of any corporation created or existing under the laws of the UnitedStates, any U.S. territory, Canada or any Canadian province, or of any state.An insurer may invest in stocks, common or preferred, of any corporationcreated or existing under the laws of any foreign country other than Canadasubject to the provisions of G.S. 58‑7‑178.
(17) Mortgage‑backedsecurities that are designated a 1 or 2 in accordance with the Purposes andProcedures Manual of the NAIC Securities Valuation Office including, withoutlimitation, collateral mortgage obligations backed by a pool of mortgages ofthe kind, class, and investment quality as those eligible for investment underG.S. 58‑7‑179. (1991, c. 681, s. 29; 1993, c. 105, s. 1; c. 452, s.14; c. 504, s. 44; 2001‑223, ss. 8.3, 8.4, 8.5, 8.6, 8.7, 8.8; 2001‑487,s. 14(g); 2005‑215, ss. 8, 9.)
(1) Bonds, notes,warrants, and other evidences of indebtedness that are direct obligations ofthe U.S. Government or for which the full faith and credit of the U.S.Government is pledged for the payment of principal and interest.
(2) Loans insured orguaranteed as to principal and interest by the U.S. Government or by any agencyor instrumentality of the U.S. Government to the extent of the insurance orguaranty.
(3) Student loans insuredor guaranteed as to principal by the U.S. Government or by any agency orinstrumentality of the U.S. Government to the extent of the insurance orguaranty.
(4) Bonds, notes,warrants, and other securities not in default that are the direct obligationsof any state or United States territory or the government of Canada or anyCanadian province, or for which the full faith and credit of such state,government, or province has been pledged for the payment of principal andinterest.
(5) Bonds, notes,warrants, and other securities not in default of any county, district,incorporated city, or school district in any state of the United States, or theDistrict of Columbia, or in any Canadian province, that are the directobligations of the county, district, city, or school district and for paymentof the principal and interest of which the county, district, city, or schooldistrict has lawful authority to levy taxes or make assessments.
(6) Bonds, notes,certificates of indebtedness, warranties, or other evidences of indebtednessthat are payable from revenues or earnings specifically pledged therefor of anypublic toll bridge, structure, or improvement owned by any state, incorporatedcity, or legally constituted public corporation or commission, all within the UnitedStates or Canada, for the payment of the principal and interest of which alawful sinking fund has been established and is being maintained and if nodefault by the issuer in payment of principal or interest has occurred on anyof its bonds, notes, warrants, or other securities within five years prior tothe date of investment therein.
(7) Bonds, notes,certificates of indebtedness, warrants, or other evidences of indebtedness thatare valid obligations issued, assumed, or guaranteed by the United States, anystate, any county, city, district, political subdivision, civil division, orpublic instrumentality of any such government or unit thereof, or in anyprovince of Canada; if by statute or other legal requirements the obligationsare payable as to both principal and interest from revenues or earnings fromthe whole or any part of any utility supplying water, gas, a sewage disposalfacility, electricity, or any other public service, including but not limitedto a toll road or toll bridge.
(8) Bonds, debentures,or other securities of the following agencies, whether or not those obligationsare guaranteed by the U.S. Government:
a. Fannie Mae, andstock thereof when acquired in connection with the sale of mortgage loans tothe Association.
b. Any federal landbank, when the securities are issued under the Farm Loan Act;
c. Any federal homeloan bank, when the securities are issued under the Home Loan Bank Act;
d. The Home Owners'Loan Corporation, created by the Home Owners' Loan Act of 1933;
e. Any federalintermediate credit bank, created by the Agricultural Credits Act;
f. The Central Bankfor Cooperatives and regional banks for cooperatives organized under the FarmCredit Act of 1933, or by any of such banks; and any notes, bonds, debentures,or other similar obligations, consolidated or otherwise, issued by farm creditinstitutions under the Farm Credit Act of 1971;
g. Any other similaragency of the U.S. Government that is of similar financial quality.
(9) Bonds, debentures,or other securities of public housing authorities, issued under the HousingAct, of 1949, the Municipal Housing Commission Act, or the Rural HousingCommission Act, or issued by any public housing authority or agency in theUnited States, if the bonds, debentures, or other securities are secured by apledge of annual contributions to be paid by the United States or any UnitedStates agency.
(10) Obligations issued,assumed, or guaranteed by the International Bank for Reconstruction andDevelopment, the International Finance Corporation, the Inter‑AmericanDevelopment Bank, the Asian Development Bank, or the African Development Bank;and the cost of investments made under this subdivision in any one institutionshall not exceed three percent (3%) of the insurer admitted assets.
(11) Bonds, notes, orother interest‑bearing or interest‑accruing obligations of anysolvent institution organized under the laws of the United States, of anystate, Canada or any Canadian province; provided the instruments are designatedand valued in accordance with the Purposes and Procedures Manual of the NAICSecurities Valuation Office. The cost of investments made under thissubdivision in any one issuer shall not exceed three percent (3%) of aninsurer's admitted assets.
(12) Secured obligationsof duly constituted churches and of church‑holding companies; and thecost of investments made under this subdivision shall not exceed three percent(3%) of the insurer's admitted assets.
(13) Equipment trustobligations or certificates adequately secured and evidencing an interest intransportation equipment, wholly or in part within the United States, and theright to receive determined portions of rental, purchase, or other fixedobligatory payments for the use or purchase of that transportation equipment;and the cost of investments made under this subdivision shall not exceed twentypercent (20%) of the insurer's admitted assets.
(14) Share or savingsaccounts of savings and loan associations or building and loan associations.
(15) Loans with a maturitynot in excess of 12 years from the date thereof that are secured by the pledgeof securities eligible for investment under this Chapter or by the pledge orassignment of life insurance policies issued by other insurers authorized totransact insurance in this State. On the date made, no such loan shall exceedin amount seventy‑five percent (75%) of the market value of thecollateral pledged, except that loans upon the pledge of U.S. Government bondsand loans upon the pledge or assignment of life insurance policies shall notexceed ninety‑five percent (95%) of the market value of the bonds or thecash surrender value of the policies pledged. The market value of thecollateral pledge shall at all times during the continuance of the loans meetor exceed the miminum percentages herein. Loans made under this section shallnot be renewable beyond a period of 12 years from the date of the loan.
(16) Stocks, common orpreferred, of any corporation created or existing under the laws of the UnitedStates, any U.S. territory, Canada or any Canadian province, or of any state.An insurer may invest in stocks, common or preferred, of any corporationcreated or existing under the laws of any foreign country other than Canadasubject to the provisions of G.S. 58‑7‑178.
(17) Mortgage‑backedsecurities that are designated a 1 or 2 in accordance with the Purposes andProcedures Manual of the NAIC Securities Valuation Office including, withoutlimitation, collateral mortgage obligations backed by a pool of mortgages ofthe kind, class, and investment quality as those eligible for investment underG.S. 58‑7‑179. (1991, c. 681, s. 29; 1993, c. 105, s. 1; c. 452, s.14; c. 504, s. 44; 2001‑223, ss. 8.3, 8.4, 8.5, 8.6, 8.7, 8.8; 2001‑487,s. 14(g); 2005‑215, ss. 8, 9.)
(1) Bonds, notes,warrants, and other evidences of indebtedness that are direct obligations ofthe U.S. Government or for which the full faith and credit of the U.S.Government is pledged for the payment of principal and interest.
(2) Loans insured orguaranteed as to principal and interest by the U.S. Government or by any agencyor instrumentality of the U.S. Government to the extent of the insurance orguaranty.
(3) Student loans insuredor guaranteed as to principal by the U.S. Government or by any agency orinstrumentality of the U.S. Government to the extent of the insurance orguaranty.
(4) Bonds, notes,warrants, and other securities not in default that are the direct obligationsof any state or United States territory or the government of Canada or anyCanadian province, or for which the full faith and credit of such state,government, or province has been pledged for the payment of principal andinterest.
(5) Bonds, notes,warrants, and other securities not in default of any county, district,incorporated city, or school district in any state of the United States, or theDistrict of Columbia, or in any Canadian province, that are the directobligations of the county, district, city, or school district and for paymentof the principal and interest of which the county, district, city, or schooldistrict has lawful authority to levy taxes or make assessments.
(6) Bonds, notes,certificates of indebtedness, warranties, or other evidences of indebtednessthat are payable from revenues or earnings specifically pledged therefor of anypublic toll bridge, structure, or improvement owned by any state, incorporatedcity, or legally constituted public corporation or commission, all within the UnitedStates or Canada, for the payment of the principal and interest of which alawful sinking fund has been established and is being maintained and if nodefault by the issuer in payment of principal or interest has occurred on anyof its bonds, notes, warrants, or other securities within five years prior tothe date of investment therein.
(7) Bonds, notes,certificates of indebtedness, warrants, or other evidences of indebtedness thatare valid obligations issued, assumed, or guaranteed by the United States, anystate, any county, city, district, political subdivision, civil division, orpublic instrumentality of any such government or unit thereof, or in anyprovince of Canada; if by statute or other legal requirements the obligationsare payable as to both principal and interest from revenues or earnings fromthe whole or any part of any utility supplying water, gas, a sewage disposalfacility, electricity, or any other public service, including but not limitedto a toll road or toll bridge.
(8) Bonds, debentures,or other securities of the following agencies, whether or not those obligationsare guaranteed by the U.S. Government:
a. Fannie Mae, andstock thereof when acquired in connection with the sale of mortgage loans tothe Association.
b. Any federal landbank, when the securities are issued under the Farm Loan Act;
c. Any federal homeloan bank, when the securities are issued under the Home Loan Bank Act;
d. The Home Owners'Loan Corporation, created by the Home Owners' Loan Act of 1933;
e. Any federalintermediate credit bank, created by the Agricultural Credits Act;
f. The Central Bankfor Cooperatives and regional banks for cooperatives organized under the FarmCredit Act of 1933, or by any of such banks; and any notes, bonds, debentures,or other similar obligations, consolidated or otherwise, issued by farm creditinstitutions under the Farm Credit Act of 1971;
g. Any other similaragency of the U.S. Government that is of similar financial quality.
(9) Bonds, debentures,or other securities of public housing authorities, issued under the HousingAct, of 1949, the Municipal Housing Commission Act, or the Rural HousingCommission Act, or issued by any public housing authority or agency in theUnited States, if the bonds, debentures, or other securities are secured by apledge of annual contributions to be paid by the United States or any UnitedStates agency.
(10) Obligations issued,assumed, or guaranteed by the International Bank for Reconstruction andDevelopment, the International Finance Corporation, the Inter‑AmericanDevelopment Bank, the Asian Development Bank, or the African Development Bank;and the cost of investments made under this subdivision in any one institutionshall not exceed three percent (3%) of the insurer admitted assets.
(11) Bonds, notes, orother interest‑bearing or interest‑accruing obligations of anysolvent institution organized under the laws of the United States, of anystate, Canada or any Canadian province; provided the instruments are designatedand valued in accordance with the Purposes and Procedures Manual of the NAICSecurities Valuation Office. The cost of investments made under thissubdivision in any one issuer shall not exceed three percent (3%) of aninsurer's admitted assets.
(12) Secured obligationsof duly constituted churches and of church‑holding companies; and thecost of investments made under this subdivision shall not exceed three percent(3%) of the insurer's admitted assets.
(13) Equipment trustobligations or certificates adequately secured and evidencing an interest intransportation equipment, wholly or in part within the United States, and theright to receive determined portions of rental, purchase, or other fixedobligatory payments for the use or purchase of that transportation equipment;and the cost of investments made under this subdivision shall not exceed twentypercent (20%) of the insurer's admitted assets.
(14) Share or savingsaccounts of savings and loan associations or building and loan associations.
(15) Loans with a maturitynot in excess of 12 years from the date thereof that are secured by the pledgeof securities eligible for investment under this Chapter or by the pledge orassignment of life insurance policies issued by other insurers authorized totransact insurance in this State. On the date made, no such loan shall exceedin amount seventy‑five percent (75%) of the market value of thecollateral pledged, except that loans upon the pledge of U.S. Government bondsand loans upon the pledge or assignment of life insurance policies shall notexceed ninety‑five percent (95%) of the market value of the bonds or thecash surrender value of the policies pledged. The market value of thecollateral pledge shall at all times during the continuance of the loans meetor exceed the miminum percentages herein. Loans made under this section shallnot be renewable beyond a period of 12 years from the date of the loan.
(16) Stocks, common orpreferred, of any corporation created or existing under the laws of the UnitedStates, any U.S. territory, Canada or any Canadian province, or of any state.An insurer may invest in stocks, common or preferred, of any corporationcreated or existing under the laws of any foreign country other than Canadasubject to the provisions of G.S. 58‑7‑178.
(17) Mortgage‑backedsecurities that are designated a 1 or 2 in accordance with the Purposes andProcedures Manual of the NAIC Securities Valuation Office including, withoutlimitation, collateral mortgage obligations backed by a pool of mortgages ofthe kind, class, and investment quality as those eligible for investment underG.S. 58‑7‑179. (1991, c. 681, s. 29; 1993, c. 105, s. 1; c. 452, s.14; c. 504, s. 44; 2001‑223, ss. 8.3, 8.4, 8.5, 8.6, 8.7, 8.8; 2001‑487,s. 14(g); 2005‑215, ss. 8, 9.)
