§ 58-45-15. Powers and duties of Association. - North Carolina Statutes

§ 58‑45‑15. Powers and duties of Association.

The Association shall,pursuant to the provisions of this Article and the plan of operation, and withrespect to the insurance coverages authorized in this Article, have the poweron behalf of its members:

(1)        To cause to beissued policies of insurance to applicants.

(2)        To assumereinsurance from its members.

(3)        To cede reinsuranceto its members and to purchase reinsurance in behalf of its members.

(4)        To pledge theproceeds of assessments, projected reinsurance recoveries, other recoverables,and any other funds available to the Association as the source of revenue forand to secure lines of credit or other borrowings or financing arrangementsnecessary to fund any actual, projected, or future deficits of the Association,including borrowing from member companies.

(5)        To publish in theNorth Carolina Register all homeowners' rate filings with the Department ofInsurance.  (1967,c. 1111, s. 1; 1969, c. 249; 1999‑114, s. 7; 2009‑472, s. 1.)