§ 58-48-100. Statute of repose; guardians ad litem; notice. - North Carolina Statutes

§58‑48‑100.  Statute of repose; guardians ad litem; notice.

(a)        Notwithstanding anyother provision of law, a covered claim with respect to which settlement is noteffected with the Association, or suit is not instituted against the insured ofan insolvent insurer or the Association, within five years after the date ofentry of the order by a court of competent jurisdiction determining the insurerto be insolvent, shall thenceforth be barred forever as a claim against theAssociation.

(b)        As to any person undera disability described in G.S. 1‑17, the Association may not invoke thebar of the period of repose provided in subsection (a) of this section unlessthe Association has petitioned for the appointment of a guardian ad litem forsuch person and the disposition of that petition has become final. If aguardian ad litem is appointed pursuant to this subsection more than four yearsafter the date of entry of the order by a court of competent jurisdictiondetermining the insurer to be insolvent, the period of repose under subsection(a) of this section shall be extended for such person one year after the dateof the appointment.

(c)        Within six monthsafter the Association has been activated as to an insolvent insurer, theCommissioner may request that the Association submit an amendment to the planof operation in accordance with G.S. 58‑48‑40, which amendmentshall be applicable only to that insolvent insurer and shall prescribe a fair,reasonable, and equitable procedure for notice to insureds and to the public. (1985,c. 613, s. 9.)