North Carolina General Statutes 58-37-20. Merger, consolidation or cession
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Terms Used In North Carolina General Statutes 58-37-20
- Company: means each member of the Facility. See North Carolina General Statutes 58-37-1
- Facility: means the North Carolina Motor Vehicle Reinsurance Facility established under this Article. See North Carolina General Statutes 58-37-1
- Motor vehicle: means every self-propelled vehicle that is designed for use upon a highway, including trailers and semitrailers designed for use with such vehicles (except traction engines, road rollers, farm tractors, tractor cranes, power shovels, and well drillers). See North Carolina General Statutes 58-37-1
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
When a member has been merged or consolidated into another insurer, or has reinsured its entire motor vehicle liability insurance business in the State with another insurer, such company or its successor in interest shall remain liable for all obligations hereunder and such company and its successor in interest and the other insurers with which it has been merged or consolidated shall continue to participate in the Facility according to the rules of operation. (1973, c. 818, s. 1; 1977, c. 828, s. 13.)