North Carolina § 58-5-40 - Authority to increase deposit.
Full text of North Carolina North Carolina General Statutes § 58-5-40 — Authority to increase deposit., with citation guidance and answers to common questions.
§ 58-5-40. Authority to increase deposit.
When, in the Commissioner's opinion, it is necessary for the protection of the public interest to increase the amount of deposits specified in G.S. 58-5-5 , 58-5-10, 58-5-50, and 58-5-55, the companies described in those sections shall, upon demand, make additional deposits in such sums as the Commissioner may require, and those additional deposits shall be held in accordance with and for the purposes set out in this Article, and shall comprise: Interest-bearing bonds of the United States of America; Interest-bearing bonds of the State of North Carolina or of its cities or counties; Certificates of deposit issued by any solvent bank domesticated in the State of North Carolina; Interest-bearing AA or better rated corporate bonds and classified as investment grade in the latest NAIC Securities Valuation Manual; or Other interest-bearing bonds or notes considered to be acceptable by the Commissioner on a case by case basis. History (1945, c. 384; 1989, c. 485, s. 34; 1991, c. 681, s. 19.) § 58-5-45: Repealed by Session Laws 1991, c. 681, s. 21.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 58-5-40
What does North Carolina General Statutes § 58-5-40 cover?
Section 58-5-40 ("Authority to increase deposit.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 58-5-40?
A common citation format is "North Carolina General Statutes § 58-5-40" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 58-5-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.