§ 58-48-95 – Use of deposits made by insolvent insurer.
58-48-95. Use of deposits made by insolvent insurer. (a) Notwithstanding any other provision of this Chapter pertaining to the use of deposits made by insurance companies for the protection of policyholders, the Association shall receive, upon its request, from the Commissioner and may expend, any deposit or deposits made, whether or not required by statute, […]
§ 58-48-100 – Statute of repose; guardians ad litem; notice.
58-48-100. Statute of repose; guardians ad litem; notice. (a) Notwithstanding any other provision of law, a covered claim with respect to which settlement is not effected with the Association, or suit is not instituted against the insured of an insolvent insurer or the Association, within five years after the date of entry of the order […]
§ 58-48-105 – Transfer of balance of security funds.
58-48-105. Transfer of balance of security funds. (a) All moneys received and paid into the Stock Workers’ Compensation Security Fund under former G.S. 97-107, together with all property and securities acquired by and through the use of moneys belonging to this Fund, including interest earned upon moneys in this Fund, shall be transferred and deposited […]
§ 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 (a) Repealed by Session Laws 1989, c. 206, s. 7.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 […]
§ 58-48-10 – 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, […]