58-29B-87. Setoff or counterclaim not allowed.
No setoff or counterclaim may be allowed in favor of any person if:
(1)The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer; or
(2)The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or
(3)The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.
Source: SL 1989, ch 436, §87; SL 1995, ch 288, §1.