North Carolina General Statutes 58-48-25. Creation of the Association
Terms Used In North Carolina General Statutes 58-48-25
- Account: means any one of the three accounts created by N. See North Carolina General Statutes 58-48-20
- Association: means the North Carolina Insurance Guaranty Association created under N. See North Carolina General Statutes 58-48-20
- Member insurer: means any person who (i) writes any kind of insurance to which this Article applies under N. See North Carolina General Statutes 58-48-20
- Person: means any individual, corporation, partnership, association or voluntary organization. See North Carolina General Statutes 58-48-20
- 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 Insurance Guaranty Association. All insurers defined as member insurers in N.C. Gen. Stat. § 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 perform its functions under a plan of operation established and approved under N.C. Gen. Stat. § 58-48-40 and shall exercise its powers through a board of directors established under N.C. Gen. Stat. § 58-48-30. For purposes of administration and assessment, the Association shall be divided into three separate accounts: (i) the automobile insurance account; (ii) the workers’ compensation account; and (iii) the account for all other insurance to which the Article applies. Each person becoming a member insurer after October 1, 1985, shall pay to the Association upon demand a nonrefundable initial membership fee of fifty dollars ($50.00). (1971, c. 670, s. 1; 1985, c. 613, s. 4; 1991 (Reg. Sess., 1992), c. 802, s. 3.)