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.
N.C. Gen. Stat. § 58-37-5
North Carolina Motor Vehicle Reinsurance Facility; creation; membership
Applied in 2 court decisions — leading case 255 N.C. App. 696 - Discovery Ins. Co. v. The NC Dep't of Ins. (2017)
Most recently applied in 265 N.C. App. 615 - North Carolina Reinsurance Facility v. Causey (June 2019)
1973, c. 818, s. 1; 1983, c. 416, s. 6.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.