§ 58-42-1. Establishment of plans. - North Carolina Statutes

Article 42.

Mandatory or VoluntaryRisk Sharing Plans.

§ 58‑42‑1. Establishment of plans.

(a)        If the Commissionerfinds, after a hearing held in accordance with Article 3A of Chapter 150B ofthe General Statutes, that in all or any part of this State, any amount or kindof insurance authorized by G.S. 58‑7‑15(4) through G.S. 58‑7‑15(22)is not readily available in the voluntary market and that the public interestrequires the availability of that insurance, he may either:

(1)        Promulgate plans toprovide insurance coverage for any risks in this State that are, based onreasonable underwriting standards, entitled to obtain but are otherwise unableto obtain coverage; or

(2)        Call upon insurersto prepare plans for his approval.

(b)        Consistent withG.S. 58‑42‑5(a)(2), the Commissioner shall at least annuallyreevaluate a plan promulgated pursuant to this section and shall terminate theplan upon determining that the insurance coverage is readily available in thevoluntary market or that the public interest no longer requires the operationof the plan. (1986,Ex. Sess., c. 7, s. 1; 1999‑114, ss. 1, 2.)