§ 58-45-46 – Unearned premium, loss, and loss expense reserves.
58-45-46. Unearned premium, loss, and loss expense reserves. The Association shall make provisions for reserving unearned premiums and reserving for losses, including incurred but not reported losses, and loss expenses, in accordance with G.S. 58-3-71, 58-3-75, and 58-3-81. (2002-185, s. 5.1.)
§ 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 […]
§ 58-45-1 – Declarations and purpose of Article.
58-45-1. Declarations and purpose of Article. (a) It is hereby declared by the General Assembly of North Carolina that an adequate market for essential property insurance is necessary to the economic welfare of the beach and coastal areas of the State of North Carolina and that without such insurance the orderly growth and development of […]
§ 58-45-5 – Definition of terms.
58-45-5. Definition of terms. As used in this Article, unless the context clearly otherwise requires: (1) Association. – The North Carolina Insurance Underwriting Association established under this Article. (2) Beach area. – All of that area of the State of North Carolina south and east of the inland waterway from the South Carolina line to […]
§ 58-45-6 – Persons who can be insured by the Association.
58-45-6. Persons who can be insured by the Association. As used in this Article, "person" includes the State of North Carolina and any county, city, or other political subdivision of the State of North Carolina. (2000-122, s. 5; 2002-187, s. 1.4.)
§ 58-45-10 – North Carolina Insurance Underwriting Association created.
58-45-10. North Carolina Insurance Underwriting Association created. There is hereby created the North Carolina Insurance Underwriting Association, consisting of all insurers authorized to write and engage in writing within this State, on a direct basis, essential property insurance, except town and county mutual insurance associations and assessable mutual companies as authorized by G.S. 58-7-75(5)b, 58-7-75(5)d, […]