§ 58-46-15. Requirements of Plan and authority of Association. - North Carolina Statutes

§58‑46‑15.  Requirements of Plan and authority of Association.

The Association formedpursuant to the provisions of this Article shall have authority on behalf ofits members to cause to be issued basic property insurance policies, includingcoverage for farm risks; and shall offer additional extended coverage, optionalperils endorsements, and crime insurance policies, or their successor forms ofcoverage; to reinsure in whole or in part, any such policies; and to cede anysuch reinsurance. The Plan adopted, pursuant to the provision of this Article,shall provide, among other things, for the perils to be covered, compensationand commissions, assessments of members, the sharing of expenses, income andlosses on an equitable basis, cumulative weighted voting for the board ofdirectors of the Association, the administration of the Plan and Associationand any other matter necessary or convenient for the purpose of assuring fairaccess to insurance requirements. The directors of the Association may, subjectto the approval of the Commissioner, amend the plan of operation at any time. The Commissioner may review the plan of operation at any time he deems to beexpedient or prudent, but not less than once in each calendar year.  Afterreview of such plan the Commissioner may amend the plan after consultation withthe directors and upon certification to the directors of such amendment. (1969,c. 1284; 1985, c. 519, s. 4; 1986, Ex. Sess., c. 7, ss. 5, 6; 1985 (Reg. Sess.,1986), c. 1027, s. 23; 1987, c. 864, s. 24; 1987 (Reg. Sess., 1988), c. 975,ss. 25, 29.)