NC H440

Adds definitions for "Federal home loan bank," "insurer-member," and related terms to North Carolina's insurance delinquency proceeding statutes.

Exempts federal home loan banks from court injunctions and stays after seven days following filing of a delinquency proceeding, allowing them to exercise rights over pledged collateral and repurchase excess capital stock.

Requires federal home loan banks to provide receivers with a process and timeline within 10 days for releasing collateral, repaying obligations, handling fees and accounts, and addressing stock redemptions.

Prohibits receivers from voiding transfers or obligations under federal home loan bank security agreements made in ordinary course of business and in compliance with the agreement, except for transfers made with intent to defraud.

Clarifies that assets used as collateral for federal home loan bank advances are considered unencumbered admitted assets to the extent they exceed outstanding obligations to the bank.