§ 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 (a) Repealed by Session Laws 1989, c. 206, s. 7.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 […]
§ 58-48-85 – Stay of proceedings; reopening of default judgments.
58-48-85. Stay of proceedings; reopening of default judgments. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court or before any administrative agency or the North Carolina Industrial Commission shall be stayed automatically for 120 days and such additional time thereafter as may be determined […]
§ 58-48-10 – Scope.
58-48-10. Scope. This Article shall apply to all kinds of direct insurance, but shall not be applicable to: (1) Life, annuity, accident and health or disability insurance; (2) Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks; (3) Fidelity or surety bonds, or any other bonding obligations; (4) Credit insurance, […]
§ 58-48-15 – Construction.
58-48-15. Construction. This Article shall be liberally construed to effect the purpose under G.S. 58-48-5 which shall constitute an aid and guide to interpretation. (1971, c. 670, s. 1.)
§ 58-48-20 – Definitions.
58-48-20. Definitions. As used in this Article: (1) "Account" means any one of the three accounts created by G.S. 58-48-25. (1a) "Affiliate" means a person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December 31 of the year next preceding […]
§ 58-48-25 – Creation of the Association.
58-48-25. Creation of the Association. There is created a nonprofit, unincorporated legal entity to be known as the North Carolina Insurance Guaranty Association. All insurers defined as member insurers in G.S. 58-48-20(6) shall be and remain members of the Association as a condition of their authority to transact insurance in this State. The Association shall […]
§ 58-48-30 – Board of directors.
58-48-30. Board of directors. (a) The board of directors of the Association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. One non-voting member of the board shall be a property and casualty insurance agent authorized to write insurance for a member insurer, […]