97-130. Definitions. As used in this Article: (1) "Association" means the North Carolina Self-Insurance Security Association established by G.S. 97-131. (1a) "Association Aggregate Security System" means the security system established by the Association under G.S. 97-133 whereby individual self-insurers collectively secure their aggregate self-insured workers’ compensation liabilities through the North Carolina Self-Insurance Security Association. (2) […]
97-131. Creation. (a) There is created a nonprofit unincorporated legal entity to be known as the North Carolina Self-Insurance Security Association. The Association is to provide mechanisms for the payment of covered claims against member self-insurers, to avoid excessive delay in payment of covered claims, to avoid financial loss to claimants because of the insolvency […]
97-132. Board of directors. The Board shall consist of not less than nine directors serving terms as established in the Plan. The directors shall be selected by the members of the Association and shall serve for three-year terms and until a successor is elected and qualified. There is no limitation on the number of terms […]
97-133. Powers and duties of the Association. (a) The Association shall: (1) Repealed by Session Laws 1999-219, s. 7.2, effective June 25, 1999. (1a) Administer a fund, to be known as the North Carolina Self-Insurance Security Fund, which shall receive the assets of the North Carolina Self-Insurance Guaranty Fund previously established under subdivision (2) of […]
97-134. Plan of Operation. The Plan is as follows: (1) The Board shall adopt a Plan of Operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. (2) All member self-insurers shall comply with the Plan. (3) The Plan shall: a. Establish the procedures whereby all the […]
97-135. Insolvency. A member self-insurer shall be insolvent for the purposes of this Article under any of the following circumstances: (1) Determination of insolvency by a court of competent jurisdiction. (2) Institution of bankruptcy proceedings by or regarding the member self-insurer. (3) The Board determines that the member self-insurer’s total liabilities exceed its total assets […]
97-136. Powers and duties of the Commissioner. (a) The Commissioner shall: (1) Notify the Association of the existence of an insolvent member self-insurer not later than 30 days after he receives notice of an insolvency pursuant to the standards set forth in G.S. 97-135. (2) Repealed by Session Laws 2011-196, s. 10, effective July 1, […]
97-137. Examination of the Association. The Association shall be subject to examination and regulation by the Commissioner. The Board shall submit, not later than June 1 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner. (1985 (Reg. Sess., 1986), c. 1013, s. 1; 2011-196, s. 10.)
97-138. Tax exemption. The Association shall be exempt from payment of all fees and all taxes levied by this State or any of its political subdivisions, except taxes levied on real or personal property. (1985 (Reg. Sess., 1986), c. 928, s. 1(b).)
97-139. Immunity. There shall be no liability on the part of and no cause of action of any nature may arise against any member self-insurer, the Association, or its agents or employees, the Board or its individual members, or the Commissioner or his representatives for any acts or omissions taken by them in the performance […]
97-140. Nonduplication of recovery. Any person having a covered claim that may be recovered under more than one insurance or self-insurance guaranty or security association or its equivalent shall seek recovery first from the association of the place or residence of the claimant. Any recovery under this Article shall be reduced by the amount of […]
97-141. Stay of proceedings. All claims or proceedings under this Chapter to which the insolvent member self-insurer is a party either before the Industrial Commission or a court in this State and the running of all time periods against either the insolvent member self-insurer or the Association under this Chapter shall be stayed for 60 […]
97-142. Disposition of assets upon dissolution. In the event of dissolution of the Association, all assets remaining after provision for satisfaction of all outstanding claims shall be distributed to the State Treasurer for establishment of a reserve to satisfy potential claims against the Association and, all such claims being satisfied, for inclusion in the general […]
97-143. Use of deposits made by insolvent member self-insurers. After the Commissioner has notified the Association, under G.S. 97-136(a), that a member is insolvent, the Commissioner shall assign and deliver to the Association, and the Association is authorized to expend any deposit made by the insolvent member under G.S. 58-47-90 or G.S. 97-185, to the […]
