N.C. Gen. Stat. § 97-135
Insolvency
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
A member self-insurer shall be insolvent for the purposes of this Article under any of the following circumstances:
A member self-insurer shall be insolvent for the purposes of this Article under any of the following circumstances:
(1) Determination of insolvency by a court of competent jurisdiction.
(1) Determination of insolvency by a court of competent jurisdiction.
(2) Institution of bankruptcy proceedings by or regarding the member self-insurer.
(2) Institution of bankruptcy proceedings by or regarding the member self-insurer.
(3) The Board determines that the member self-insurer's total liabilities exceed its total assets or the member self-insurer is unable or ceases to pay its debts as they fall due or in the ordinary course of business.
(3) The Board determines that the member self-insurer’s total liabilities exceed its total assets or the member self-insurer is unable or ceases to pay its debts as they fall due or in the ordinary course of business.
(4) A member self-insurer is deemed to be insolvent, bankrupt, or in default as defined by the terms of any security instrument created pursuant to the Association Aggregate Security System.
(4) A member self-insurer is deemed to be insolvent, bankrupt, or in default as defined by the terms of any security instrument created pursuant to the Association Aggregate Security System.
History
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.