§ 58-45-36. Temporary contracts of insurance. - North Carolina Statutes

§ 58‑45‑36. Temporary contracts of insurance.

Consistent with G.S. 58‑45‑35(d),the Association shall be temporarily bound by a written temporary binder ofinsurance issued by any duly licensed insurance agent or broker. Coverage shallbe effective upon payment to the agent or broker of the entire premium or partof the premium, as prescribed by the Association's plan of operation. Nothingin this section shall impair or restrict the rights of the Association underG.S. 58‑45‑35(b) to decline to issue a policy based upon a lack ofinsurability as determined by the Association or the existence of an unpaidpremium due from the applicant. (2002‑185, s. 4.2.)