§ 58-46-5. Organization of underwriting association. - North Carolina Statutes

§58‑46‑5.  Organization of underwriting association.

All insurers licensed to writeand writing property insurance in this State on a direct basis are authorized,subject to the approval and regulation by the Commissioner, to establish andmaintain a FAIR Plan (Fair Access to Insurance Requirements) and to establishand maintain an underwriting association and to formulate, and from time totime, to amend the plans and articles of the association and rules andregulations in connection therewith, and to assess and share on a fair andequitable basis all expenses, income and losses incident to such FAIR Plan andunderwriting association in a manner consistent with the provisions of thisArticle. (1969, c. 1284; 1985, c. 519, s. 2.)