§ 58-22-45. Restriction on insurance purchased by purchasing groups. - North Carolina Statutes

§58‑22‑45.  Restriction on insurance purchased by purchasing groups.

(a)        A purchasing groupmay not purchase insurance from a risk retention group that is not chartered ina state nor from an insurer not admitted in the state in which the purchasinggroup is located, unless the purchase is effected through a licensed agent orbroker acting pursuant to the surplus lines laws and regulations of such state.

(b)        A purchasing groupthat obtains liability insurance from a nonadmitted insurer or from a riskretention group shall provide each member of the purchasing group that has arisk resident or located in this State with the notice specified in G.S. 58‑21‑45(f)or G.S. 58‑22‑20(7), whichever is applicable.

(c)        No purchasing groupmay purchase insurance that provides for a deductible or for a self‑insuredretention applicable to the group as a whole; provided, however, that coveragemay provide for a deductible or for self‑insured retention applicable tomembers of the group. (1987, c. 310, c. 727, s. 11.)