North Carolina General Statutes 58-37-5. North Carolina Motor Vehicle Reinsurance Facility; creation; membership
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Terms Used In North Carolina General Statutes 58-37-5
- 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
- in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
- 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
- motor vehicle insurance: includes coverage with respect to environmental restoration. 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
There is created a nonprofit unincorporated legal entity to be known as the North Carolina Motor Vehicle Reinsurance Facility consisting of all insurers licensed to write and engaged in writing within this State motor vehicle insurance or any component thereof. Every such insurer, as a prerequisite to further engaging in writing such insurance in this State, shall be a member of the Facility and shall be bound by the rules of operation thereof as provided for in this Article and as promulgated by the Board of Governors. No company may withdraw from membership in the Facility unless it ceases to write motor vehicle insurance in this State or ceases to be licensed to write such insurance. (1973, c. 818, s. 1; 1983, c. 416, s. 6.)