§ 58-45-71 – Report of member companies to Commissioner.
58-45-71. Report of member companies to Commissioner. Each member company of the Association shall report by February 1 of each year to the Commissioner the amount of homeowners’ coverage, including separate coverage for homeowners’ wind and hail, written in the preceding calendar year by that member company in the beach area and the coastal area. […]
§ 58-45-75 – Commissioner authorized to promulgate reasonable rules and regulations.
58-45-75. Commissioner authorized to promulgate reasonable rules and regulations. The Commissioner shall have authority to make reasonable rules and regulations, not inconsistent with law, to enforce, carry out and make effective the provisions of this Article. The Commissioner shall not be liable for any act or omission in connection with the administration of the duties […]
§ 58-45-80 – Premium taxes to be paid through Association.
58-45-80. Premium taxes to be paid through Association. All premium taxes due on insurance written under this Article shall be remitted by each insurer to the Association; and the Association, as collecting agent for its member companies, shall forward all such taxes to the Secretary of Revenue as provided in Article 8B of Chapter 105 […]
§ 58-45-47 – Deficit event.
58-45-47. Deficit event. (a) In the event of losses and expenses to the Association exceeding available surplus, reinsurance, and other sources of funding of Association losses, the Association is authorized to issue a nonrecoupable assessment upon its members in accordance with its Plan of Operation. Member assessments shall not exceed one billion dollars ($1,000,000,000) for […]
§ 58-45-15 – Powers and duties of Association.
58-45-15. Powers and duties of Association. The Association shall, pursuant to the provisions of this Article and the plan of operation, and with respect to the insurance coverages authorized in this Article, have the power on behalf of its members: (1) To cause to be issued policies of insurance to applicants. (2) To assume reinsurance […]
§ 58-45-20 – Temporary directors of Association.
58-45-20. Temporary directors of Association. Within 10 days after April 17, 1969, the Commissioner shall appoint a temporary board of directors of this Association, which shall consist of 11 representatives of members of the Association. Such temporary board of directors shall prepare and submit a plan of operation in accordance with G.S. 58-45-30 and shall […]
§ 58-45-25 – Each member of Association to participate in nonrecoupable assessments.
58-45-25. Each member of Association to participate in nonrecoupable assessments. (a) Subject to the limitations contained in G.S. 58-45-47, each member of the Association shall participate in the nonrecoupable assessments levied by the Association in the proportion that its net direct premium written in this State during the preceding calendar year for residential and commercial […]
§ 58-45-30 – Directors to submit plan of operation to Commissioner; review and approval; amendments; appeal from Commissioner to superior court.
58-45-30. Directors to submit plan of operation to Commissioner; review and approval; amendments; appeal from Commissioner to superior court. (a) The Directors shall submit to the Commissioner for his review and approval, a proposed plan of operation. The plan shall set forth the number, qualifications, terms of office, and manner of election of the members […]
§ 58-45-35 – Persons eligible to apply to Association for coverage; contents of application.
58-45-35. Persons eligible to apply to Association for coverage; contents of application. (a) Any person having an insurable interest in insurable property, may, on or after the effective date of the plan of operation, be entitled to apply to the Association for such coverage and for an inspection of the property. A broker or agent […]
§ 58-45-36 – Temporary contracts of insurance.
58-45-36. Temporary contracts of insurance. Consistent with G.S. 58-45-35(d), the Association shall be temporarily bound by a written temporary binder of insurance issued by any duly licensed insurance agent or broker. Coverage shall be effective upon payment to the agent or broker of the entire premium or part of the premium, as prescribed by the […]