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
Creation of the Association
Known as the Insurance Guaranty Association Act
The act spans §§ 58–58 (27 sections).
Applied in 1 court decision — leading case 181 N.C. App. 457 - Vogler v. Branch Erections Co., Inc. (2007)
Most recently applied in 181 N.C. App. 457 - Vogler v. Branch Erections Co., Inc. (February 2007)
1971, c. 670, s. 1; 1985, c. 613, s. 4; 1991 (Reg
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.