§ 58-48-110. Purpose of the accounts. - North Carolina Statutes

§58‑48‑110.  Purpose of the accounts.

The purpose of the accountscreated in the Association pursuant to G.S. 58‑48‑115 and G.S. 58‑48‑120of this Article shall be solely to:

(1)        Receive the balancefrom the accounts created under former G.S. 97‑107 and G.S. 97‑114;

(2)        Receive assessmentmoneys from member companies as provided in G.S. 58‑48‑115(a)(3),58‑48‑120(b), and 58‑48‑120(c);

(3)        Receive interest onmoneys in the accounts;

(4)        Pay stock or mutualcarrier claims made against the security funds established under G.S. 97‑107and G.S. 97‑114, but only for claims existing before January 1, 1993; and

(5)        Refund to thecontributing stock companies in accordance with G.S. 58‑48‑115 theexcess moneys in the stock fund account as set forth in G.S. 58‑48‑115(a)(2).(1991 (Reg. Sess., 1992), c. 802, s. 7.)