North Carolina General Statutes 58-13-5. Purposes
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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.)
Terms Used In North Carolina General Statutes 58-13-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets: means all property, real or personal, tangible or intangible, legal or equitable, owned by an insurer. See North Carolina General Statutes 58-13-15
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.