The purpose of this Article is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment, and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers.
N.C. Gen. Stat. § 58-48-5
Purpose of Article
Known as the Insurance Guaranty Association Act
The act spans §§ 58–58 (27 sections).
Applied in 4 court decisions — leading case 118 N.C. App. 692 - Eastern Appraisal Services, Inc. v. State of North Carolina (1995)
Most recently applied in 188 N.C. App. 82 - Swift v. Richardson Sports Ltd. Partners (January 2008)
1971, c. 670, s. 1.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.