North Carolina General Statutes 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.
Terms Used In North Carolina General Statutes 97-135
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the North Carolina Self-Insurance Security Association established by N. See North Carolina General Statutes 97-130
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the Board of Directors of the Association established by N. See North Carolina General Statutes 97-130
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- member: means an individual self-insurer or group self-insurer that is required to be a member of the Association under this Article or Part 1, Article 47 of Chapter 58 of the N. See North Carolina General Statutes 97-130
(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 or the member self-insurer is unable or ceases to pay its debts as they fall due or in the ordinary course of business.
(4) A member self-insurer is deemed to be insolvent, bankrupt, or in default as defined by the terms of any security instrument created pursuant to the Association Aggregate Security System. (1985 (Reg. Sess., 1986), c. 1013, s. 1; 1987, c. 528, s. 12; 2005-400, s. 6.1.)