§ 58-37-5. North Carolina Motor Vehicle Reinsurance Facility; creation; membership. - North Carolina Statutes

§58‑37‑5.  North Carolina Motor Vehicle Reinsurance Facility;creation; membership.

There is created a nonprofitunincorporated legal entity to be known as the North Carolina Motor VehicleReinsurance Facility consisting of all insurers licensed to write and engagedin writing within this State motor vehicle insurance or any component thereof.Every such insurer, as a prerequisite to further engaging in writing suchinsurance in this State, shall be a member of the Facility and shall be boundby the rules of operation thereof as provided for in this Article and aspromulgated by the Board of Governors. No company may withdraw from membershipin the Facility unless it ceases to write motor vehicle insurance in this Stateor ceases to be licensed to write such insurance. (1973, c. 818, s. 1; 1983, c.416, s. 6.)