§ 58-48-115 – Creation of Stock Fund Account; maintenance of Stock Fund Account; and distribution of Stock Fund.
58-48-115. Creation of Stock Fund Account; maintenance of Stock Fund Account; and distribution of Stock Fund. (a) The moneys received by the Association pursuant to G.S. 58-48-105(a) shall be distributed as follows: (1) An amount equivalent to one and one-half times the contingent liabilities of the Stock Workers’ Compensation Security Fund created pursuant to former […]
§ 58-48-120 – Creation of Mutual Fund Account; maintenance of Mutual Fund Account.
58-48-120. Creation of Mutual Fund Account; maintenance of Mutual Fund Account. (a) The moneys received by the Association pursuant to G.S. 58-48-105(b) shall be deposited in a separate reserve account to be maintained by the Association which shall be designated as the Mutual Reserve Account. The amount in this account shall be equivalent to one […]
§ 58-48-125 – Payments by the Association.
58-48-125. Payments by the Association. The accounts created in G.S. 58-48-115 and G.S. 58-48-120 shall be used to pay the claims against insolvent stock workers’ compensation insurers and insolvent mutual workers’ compensation insurers, respectively, pursuant to G.S. 58-48-110(4) where the insolvency occurred prior to January 1, 1993. The expenses of administering these accounts, including loss […]
§ 58-48-130 – Termination.
58-48-130. Termination. The account created in G.S. 58-48-115 shall be dissolved when all liabilities of the Stock Workers’ Compensation Security Fund, under former G.S. 97-107 have been satisfied. Any excess moneys in the Stock Reserve Account shall be refunded to the member insurers that were stock workers’ compensation carriers during the preceding calendar year. The […]
§ 58-48-110 – Purpose of the accounts.
58-48-110. Purpose of the accounts. The purpose of the accounts created in the Association pursuant to G.S. 58-48-115 and G.S. 58-48-120 of this Article shall be solely to: (1) Receive the balance from the accounts created under former G.S. 97-107 and G.S. 97-114; (2) Receive assessment moneys from member companies as provided in G.S. 58-48-115(a)(3), […]
§ 58-48-55 – Nonduplication of recovery.
58-48-55. Nonduplication of recovery. (a) Any person having a right to a defense or a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall be required to exhaust first his rights under such policy. Any amount payable on […]
§ 58-48-60 – Prevention of insolvencies.
58-48-60. Prevention of insolvencies. (a) Repealed by Session Laws 1989, c. 206, s. 7. (b) To aid in the detection and prevention of insurer insolvencies, the board of directors may, upon majority vote, request that the Commissioner order an examination of any member insurer which the board in good faith believes may be in a […]
§ 58-48-65 – Examination of the Association.
58-48-65. Examination of the Association. The Association shall be subject to examination and regulation by the Commissioner. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner. (1971, c. 670, s. 1.)
§ 58-48-70 – Tax exemption.
58-48-70. Tax exemption. The Association shall be exempt from payment of all fees and all taxes levied by this State or any of its subdivisions except taxes levied by its subdivisions on real or personal property. (1971, c. 670, s. 1.)
§ 58-48-80 – Immunity.
58-48-80. Immunity. There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the Association or its agents or employees, the board of directors, or the Commissioner or his representatives for any action taken by them in the performance of their powers and […]