N.C. Gen. Stat. § 58-48-25

Current through Session Law 2024-48

Section 58-48-25 - Creation of the Association

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 G.S. 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 G.S. 58-48-40 and shall exercise its powers through a board of directors established under G.S. 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).

N.C. Gen. Stat. § 58-48-25

1971, c. 670, s. 1; 1985, c. 613, s. 4; 1991 Reg. Sess., 1992 , c. 802, s. 3.