§ 58-48-25. Creation of the Association. - North Carolina Statutes

§58‑48‑25.  Creation of the Association.

There is created a nonprofit,unincorporated legal entity to be known as the North Carolina InsuranceGuaranty Association. All insurers defined as member insurers in G.S. 58‑48‑20(6)shall be and remain members of the Association as a condition of theirauthority to transact insurance in this State. The Association shall performits functions under a plan of operation established and approved under G.S. 58‑48‑40and shall exercise its powers through a board of directors established underG.S. 58‑48‑30. For purposes of administration and assessment, theAssociation shall be divided into three separate accounts: (i) the automobileinsurance account; (ii) the workers' compensation account; and (iii) theaccount for all other insurance to which the Article applies. Each personbecoming a member insurer after October 1, 1985, shall pay to the Associationupon demand a nonrefundable initial membership fee of fifty dollars ($50.00). (1971,c. 670, s. 1; 1985, c. 613, s. 4; 1991 (Reg. Sess., 1992), c. 802, s. 3.)