§23-2C-24. Surplus note or other loan arrangement for new fund.
(a) Notwithstanding any other provision of this article to the
contrary, the transfer of all or a portion of the remainder of
funds to be disbursed into the new fund as provided subsection (b),
section six of this article, in such amount as may be determined by
the Governor, may be conditioned upon the repayment thereof and
subject to the terms of a surplus note or other loan arrangement.
The Governor shall specify the amount that is to be transferred to
the new fund conditioned upon the repayment thereof and subject to
loan arrangement in the proclamation issued pursuant to section
eleven of this article. The terms of any such surplus note or
other loan arrangement must be approved by the Insurance
Commissioner before execution of the said proclamation.
(b) Payments received by the Treasurer from the company in
repayment of any outstanding surplus note or other loan arrangement
made pursuant to this subsection shall be deposited in the treasury
of the state to the credit of the old fund.
(c) The Insurance Commissioner may enter into such agreements,
including loan arrangements, with the company that are necessary to
accomplish the transfers addressed in this article.