58-42-1. Establishment of plans. (a) If the Commissioner finds, after a hearing held in accordance with Article 3A of Chapter 150B of the General Statutes, that in all or any part of this State, any amount or kind of insurance authorized by G.S. 58-7-15(4) through G.S. 58-7-15(22) is not readily available in the voluntary market […]
58-42-10. Persons required to participate. (a) Each plan shall require participation: (1) By all insurers licensed in this State to write the kinds of insurance covered by the specific plan; (2) By all agents licensed to represent those insurers for that kind of insurance; and (3) By every statistical organization that makes rates for that […]
58-42-15. Voluntary participation. Each plan may provide for participation by: (1) Insurers that are not required to participate by G.S. 58-42-10; (2) Eligible surplus lines insurers as defined in G.S. 58-21-10(3); or (3) Reinsurers approved by the Commissioner. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
58-42-20. Classification and rates. Each plan shall provide for: (1) The method of classifying risks; (2) The making and filing of rates that are not excessive, inadequate, or unfairly discriminatory and that are calculated on an actuarially sound basis and policy forms applicable to the various risks insured by the plan; (3) The adjusting and […]
58-42-25. Basis for participation. Each plan shall specify the basis for participation by insurers, agents, statistical organizations, and other participants and shall specify the conditions under which risks shall be accepted and underwritten by the plan. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1; 2005-210, s. 22.)
58-42-30. Duty to provide information. Every participating insurer and agent shall provide to any person seeking the insurance available in each plan, information about the services prescribed in the plan, including full information on the requirements and procedures for obtaining insurance under the plan, whenever the insurance is not readily available in the voluntary market. […]
58-42-35. Provision of marketing facilities. If the Commissioner finds that the lack of participating insurers or agents in a geographic area makes the functioning of a plan difficult, he may order that the plan appoint agents on such terms as he designates or that the plan take other appropriate steps to guarantee that service is […]
58-42-40. Voluntary risk sharing plans. Insurers doing business within this State or reinsurers approved by the Commissioner may prepare voluntary plans that will provide any specific amount or kind of insurance or component thereof for all or any part of this State in which that insurance is not readily available in the voluntary market and […]
58-42-45. Article subject to Administrative Procedure Act; legislative oversight of plans. (a) The provisions of Chapter 150B of the General Statutes shall apply to this Article. (b) At the same time the Commissioner issues a notice of hearing under G.S. 150B-38, the Commissioner shall provide copies of the notice to the Joint Regulatory Reform Committee, […]
58-42-5. Purposes, contents, and operation of risk sharing plans. (a) Each plan promulgated or prepared pursuant to G.S. 58-42-1 shall: (1) Give consideration to: a. The need for adequate and readily accessible coverage; b. Optional methods of improving the market affected; c. The inherent limitations of the insurance mechanism; d. The need for reasonable underwriting […]
58-42-50. Immunity of Commissioner and plan participants. There shall be no liability on the part of, and no cause of action shall arise against the Commissioner, his representatives, or any plan, its participants, or its employee for any good faith action taken by them in the performance of their powers and duties in creating any […]
