21 N.C. Admin. Code 34D.0403

Current through Register Vol. 39, No. 12, December 1, 2024

Section 34D .0403 - PROCESSING APPLICATIONS

(a) The Board in making investigation of all applications filed for reimbursement from the preneed recovery fund may require the attendance of and examine under oath all persons, including the alleged defalcating licensee, whose testimony it may require. A determination of the application shall be made by a majority vote of those present at a Board meeting at which a quorum is present. The Board may afford the applicant a reconsideration of the application; otherwise, a rejection is final, and no further consideration shall be given by the Board to the application or to another application based upon the same alleged facts.

(b) The Board shall determine the amount of loss, if any, for which the applicant shall be reimbursed from the fund. In making such determination, the Board's considerations shall include:

(1) The negligence, if any, of the applicant which contributed to the loss.

(2) The hardship which the applicant suffered because of the loss.

(3) The total amount of reimbursable losses of applicants on account of any one licensee or association of licensees.

(4) The total amount of previous reimbursable losses for which total reimbursement has not been made and the total assets of the fund.

(5) The total amount of insurance available to compensate the applicant for the loss.

(c) The Board may allow further reimbursements in cases in which a loss has not been fully reimbursed.

(d) Before receiving a payment from the fund, the person who is to receive such payment or his or her legal representative shall execute and deliver to the Board a written agreement stating that in the event the reimbursed applicant or his or her estate ever receives any restitution from the licensee or from any other source, the reimbursed applicant or his or her estate shall repay the fund the restitution received or the amount of reimbursement from the fund, whichever is less.

21 N.C. Admin. Code 34D .0403

Authority G.S. 90-210.66(a), (c), (d), (g); 90-210.69(a);
Eff. May 1, 1993;
Amended Eff. November 1, 2004;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. August 19, 2017.

Authority G.S. 90-210.66(a), (c), (d), (g); 90-210.69(a);
Eff. May 1, 1993;
Amended Eff. November 1, 2004.