North Carolina § 58-30-20 - Injunctions and orders.

§ 58-30-20. Injunctions and orders.

Any receiver appointed in a proceeding under this Article may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed to be necessary and proper to prevent: The transaction of further business; The transfer of property; Interference with the receiver or with a proceeding under this Article; Waste of the insurer's assets; Dissipation and transfer of bank accounts; The institution or further prosecution of any actions or proceedings; The obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets or its policyholders; The levying of execution against the insurer, its assets, or its policyholders; The making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer; The withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or Any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this Article. The receiver may apply to any court outside of this State for the relief described in subsection (a) of this section. Notwithstanding any provision in subsections (a) and (b) of this section to the contrary, after the seventh day following the filing of a delinquency proceeding, a federal home loan bank shall not be stayed or prohibited from exercising its rights regarding collateral pledged by an insurer-member. The federal home loan bank exercising its rights regarding collateral pledged by an insurer-member shall repurchase any outstanding capital stock in excess of the amount of its stock that the insurer-member is required to hold as a minimum investment to the extent the federal home loan bank determines in good faith the repurchase is (i) permissible under applicable law, regulations, obligations arising under regulations, and the federal home loan bank's capital plan and (ii) consistent with the capital stock practices currently applicable to the federal home loan bank's entire membership. Within 10 days of the appointment of a receiver for an insurer-member in a proceeding under this Article, the federal home loan bank shall provide the receiver with a process and time line for all of the following: The release of collateral that exceeds the amount required to support secured obligations remaining after any repayment of loans as determined under applicable agreements between the federal home loan bank and the insurer-member. The release of any collateral of the insurer-member remaining in the federal home loan bank's possession following repayment in full of all outstanding secured obligations of the insurer-member. The payment of fees owed by the insurer-member and the operation, maintenance, closure, or disposition of deposits and other accounts of the insurer-member as mutually agreed upon by the receiver and federal home loan bank. Any redemption or repurchase of federal home loan bank stock or excess stock of any class that the insurer-member is required to own. Upon request of a receiver appointed under this Article, the federal home loan bank shall provide any available options for an insurer-member subject to a delinquency proceeding to renew or restructure a loan. In determining which options to renew or restructure a loan are available, the federal home loan bank may consider market conditions, the terms of any loans outstanding to the insurer-member, the applicable policies of the federal home loan bank, and the federal laws and regulations applicable to the federal home loan bank. History (1989, c. 452, s. 1; 2017-164, s. 1(b).) Effect of Amendments. - Session Laws 2017-164, s. 1(b), effective July 1, 2017, added subsections (c), (d), and (e).