§ 58-62-26 – Creation of the Association.
58-62-26. Creation of the Association. (a) There is created a nonprofit legal entity to be known as the North Carolina Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or a health maintenance organization business in this State. […]
§ 58-62-31 – Board of directors.
58-62-31. Board of directors. (a) The Board shall consist of not less than seven nor more than 11 member insurers serving terms as established in the Plan. The members of the Board shall be selected by member insurers, subject to the Commissioner’s approval. Vacancies on the Board shall be filled for the remaining period of […]
§ 58-62-36 – Powers and duties of the Association.
58-62-36. Powers and duties of the Association. (a) If a member insurer is an impaired insurer, the Association may, in its discretion, and subject to any conditions imposed by the Association and approved by the Commissioner that do not impair the contractual obligations of the impaired insurer: (1) Guarantee, assume, reissue, or reinsure, or cause […]
§ 58-62-41 – Assessments.
58-62-41. Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the Association, the Board shall assess the member insurers, separately for each account, at such time and for such amounts as the Board finds necessary. Assessments are due not less than 30 days after prior written […]
§ 58-62-46 – Plan of operation.
58-62-46. Plan of operation. (a) The Association shall submit to the Commissioner a Plan and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The Plan and any amendments shall become effective upon the Commissioner’s written approval or unless the Commissioner has not disapproved it within 30 days. […]
§ 58-62-51 – Duties and powers of the Commissioner.
58-62-51. Duties and powers of the Commissioner. (a) In addition to other duties and powers specified in this Article, the Commissioner shall do all of the following: (1) Upon request of the Board, provide the Association with a statement of the premiums in this State and any other appropriate states for each member insurer. (2) […]
§ 58-62-56 – Prevention of delinquencies.
58-62-56. Prevention of delinquencies. (a) To aid in the detection and prevention of member insurer delinquencies, it is the Commissioner’s duty to: (1) Notify insurance regulators of all the other states, territories of the United States, and the District of Columbia within 30 days when revoking or suspending the license of a member insurer, or […]
§ 58-62-11 – Construction.
58-62-11. Construction. This Article shall be liberally construed to effect the purpose under G.S. 58-62-6, which shall constitute an aid and guide to interpretation. (1991, c. 681, s. 56.)
§ 58-62-2 – Title.
58-62-2. Title. This Article shall be known and may be cited as the North Carolina Life and Health Insurance Guaranty Association Act. (1991, c. 681, s. 56.)
§ 58-62-6 – Purpose.
58-62-6. Purpose. (a) The purpose of this Article is to protect, subject to certain limitations, the persons specified in G.S. 58-62-21(a) against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in G.S. 58-62-21(b), because of the delinquency of the member insurer that issued the policies, plans, […]