§ 58‑5‑90. Deposits held in trust by Commissioner or Treasurer.
(a) Deposits byDomestic Company. The Commissioner or the Treasurer, in that officer'sofficial capacity, shall take and hold in trust deposits made by any domesticinsurance company for the benefit of all of the insurer's policyholders and forthe purpose of complying with the laws of any other state to enable the companyto do business in that state. The company making the deposits is entitled tothe income thereof, and may, from time to time, with the consent of theCommissioner or Treasurer, and when not forbidden by the law under which thedeposit was made, change in whole or in part the securities which compose thedeposit for other solvent securities of equal par value. Upon request of anydomestic insurance company the Commissioner or the Treasurer may return to thecompany the whole or any portion of the securities of the company held by theofficer on deposit, when the officer is satisfied that the deposits are subjectto no liability and are no longer required to be held by any provision of lawor purpose of the original deposit.
(b) Deposits by Foreignor Alien Company. The Commissioner or Treasurer, in that respective officer'sofficial capacity, shall take and hold in trust deposits made by any foreign oralien insurance company for the benefit of the holders of all insurancecontracts of the company who are citizens or residents of this State or whohold policies issued upon property in this State in accordance with G.S. 58‑5‑70.The Commissioner or Treasurer may return to the trustees or otherrepresentatives authorized for that purpose any deposit made by a foreign oralien insurance company, when it appears that the company has ceased to dobusiness in the State and is under no obligation to policyholders or otherpersons in the State for whose benefit the deposit was made.
(c) Action to Enforceor Terminate the Trust. An insurance company which has made a deposit in thisState pursuant to Articles 1 through 64 of this Chapter, or its trustees orresident managers in the United States, or the Commissioner, or any creditor ofthe company, may at any time bring an action in the Superior Court of WakeCounty against the State and other parties properly joined therein, to enforce,administer, or terminate the trust created by the deposit. The process in thisaction shall be served on the officer of the State having the deposit, whoshall appear and answer in behalf of the State and perform such orders andjudgments as the court may make in such action. (1899, c. 54, s. 17; 1901, c.391, s. 2; 1903, c. 438, s. 1; c. 536, s. 4; Rev., s. 4709; C.S., s. 6313;1945, c. 384; 1991, c. 720, s. 4; 2005‑215, s. 4.)
§ 58‑5‑90. Deposits held in trust by Commissioner or Treasurer.
(a) Deposits byDomestic Company. The Commissioner or the Treasurer, in that officer'sofficial capacity, shall take and hold in trust deposits made by any domesticinsurance company for the benefit of all of the insurer's policyholders and forthe purpose of complying with the laws of any other state to enable the companyto do business in that state. The company making the deposits is entitled tothe income thereof, and may, from time to time, with the consent of theCommissioner or Treasurer, and when not forbidden by the law under which thedeposit was made, change in whole or in part the securities which compose thedeposit for other solvent securities of equal par value. Upon request of anydomestic insurance company the Commissioner or the Treasurer may return to thecompany the whole or any portion of the securities of the company held by theofficer on deposit, when the officer is satisfied that the deposits are subjectto no liability and are no longer required to be held by any provision of lawor purpose of the original deposit.
(b) Deposits by Foreignor Alien Company. The Commissioner or Treasurer, in that respective officer'sofficial capacity, shall take and hold in trust deposits made by any foreign oralien insurance company for the benefit of the holders of all insurancecontracts of the company who are citizens or residents of this State or whohold policies issued upon property in this State in accordance with G.S. 58‑5‑70.The Commissioner or Treasurer may return to the trustees or otherrepresentatives authorized for that purpose any deposit made by a foreign oralien insurance company, when it appears that the company has ceased to dobusiness in the State and is under no obligation to policyholders or otherpersons in the State for whose benefit the deposit was made.
(c) Action to Enforceor Terminate the Trust. An insurance company which has made a deposit in thisState pursuant to Articles 1 through 64 of this Chapter, or its trustees orresident managers in the United States, or the Commissioner, or any creditor ofthe company, may at any time bring an action in the Superior Court of WakeCounty against the State and other parties properly joined therein, to enforce,administer, or terminate the trust created by the deposit. The process in thisaction shall be served on the officer of the State having the deposit, whoshall appear and answer in behalf of the State and perform such orders andjudgments as the court may make in such action. (1899, c. 54, s. 17; 1901, c.391, s. 2; 1903, c. 438, s. 1; c. 536, s. 4; Rev., s. 4709; C.S., s. 6313;1945, c. 384; 1991, c. 720, s. 4; 2005‑215, s. 4.)
§ 58‑5‑90. Deposits held in trust by Commissioner or Treasurer.
(a) Deposits byDomestic Company. The Commissioner or the Treasurer, in that officer'sofficial capacity, shall take and hold in trust deposits made by any domesticinsurance company for the benefit of all of the insurer's policyholders and forthe purpose of complying with the laws of any other state to enable the companyto do business in that state. The company making the deposits is entitled tothe income thereof, and may, from time to time, with the consent of theCommissioner or Treasurer, and when not forbidden by the law under which thedeposit was made, change in whole or in part the securities which compose thedeposit for other solvent securities of equal par value. Upon request of anydomestic insurance company the Commissioner or the Treasurer may return to thecompany the whole or any portion of the securities of the company held by theofficer on deposit, when the officer is satisfied that the deposits are subjectto no liability and are no longer required to be held by any provision of lawor purpose of the original deposit.
(b) Deposits by Foreignor Alien Company. The Commissioner or Treasurer, in that respective officer'sofficial capacity, shall take and hold in trust deposits made by any foreign oralien insurance company for the benefit of the holders of all insurancecontracts of the company who are citizens or residents of this State or whohold policies issued upon property in this State in accordance with G.S. 58‑5‑70.The Commissioner or Treasurer may return to the trustees or otherrepresentatives authorized for that purpose any deposit made by a foreign oralien insurance company, when it appears that the company has ceased to dobusiness in the State and is under no obligation to policyholders or otherpersons in the State for whose benefit the deposit was made.
(c) Action to Enforceor Terminate the Trust. An insurance company which has made a deposit in thisState pursuant to Articles 1 through 64 of this Chapter, or its trustees orresident managers in the United States, or the Commissioner, or any creditor ofthe company, may at any time bring an action in the Superior Court of WakeCounty against the State and other parties properly joined therein, to enforce,administer, or terminate the trust created by the deposit. The process in thisaction shall be served on the officer of the State having the deposit, whoshall appear and answer in behalf of the State and perform such orders andjudgments as the court may make in such action. (1899, c. 54, s. 17; 1901, c.391, s. 2; 1903, c. 438, s. 1; c. 536, s. 4; Rev., s. 4709; C.S., s. 6313;1945, c. 384; 1991, c. 720, s. 4; 2005‑215, s. 4.)
