§ 58-45-65.1 – Association to be audited.
58-45-65.1. Association to be audited. The Association shall be audited on an annual basis by an auditor selected by the Commissioner. (2009-472, s. 1.)
§ 58-45-70 – Commissioner may examine affairs of Association.
58-45-70. Commissioner may examine affairs of Association. The Commissioner may from time to time make an examination into the affairs of the Association when he deems it to be prudent and in undertaking such examination he may hold a public hearing pursuant to the provisions of G.S. 58-2-50. When making an examination under this section, […]
§ 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 […]
§ 58-45-30 – 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 […]
§ 58-45-40 – Association members may cede insurance to Association.
58-45-40. Association members may cede insurance to Association. Any member of the Association may cede to the Association essential property insurance written on insurable property, to the extent, if any, and on the terms and conditions set forth in the plan of operation. (1967, c. 1111, s. 1; 1969, c. 249.)
§ 58-45-41 – Coverage limits.
58-45-41. Coverage limits. (a) The Association shall cause to be issued insurance up to the reasonable value of the insurable property, subject to a maximum of seven hundred fifty thousand dollars ($750,000) on habitational property. The above limits on habitational property shall apply to the value of the building only. Insurance issued by the Association […]
§ 58-45-45 – Rates, rating plans, rating rules, and forms applicable.
58-45-45. Rates, rating plans, rating rules, and forms applicable. (a) Rates shall not be excessive, inadequate, or unfairly discriminatory. Except as provided in subsections (a1), (a2), and (b) of this section, rates, rating plans, rating rules, and forms applicable to the insurance written by the Association shall be in accordance with the most recent manual […]