§ 58-52-20. Organization of associations of insurers; powers; annual statements; mutual insurers may participate. - North Carolina Statutes

§58‑52‑20.  Organization of associations of insurers; powers; annualstatements; mutual insurers may participate.

An association formed for thepurposes of this Article shall adopt articles of association for theorganization, administration and regulation of its affairs, which articles ofassociation and any amendments thereto shall be filed within 30 days ofadoption of same with the Commissioner.  Such association may establishrequirements for membership of insurers, hold title to property, incur expensesfor advertising, soliciting and administering such insurance, including paymentof salary or compensation to persons employed by it, enter into contracts,limit the liability of and among its members, and shall be subject to theprovisions of G.S. 1‑69.1.

Such association shall fileannually with the Commissioner, on such date and in such form as theCommissioner may prescribe, a statement with respect to its operations.

For the purpose ofimplementing joint action of insurers in furnishing accident and healthinsurance coverage to persons 65 years of age and older and their spouses, inaccordance with the intent of this Article as expressed herein, insurersoperating on a mutual plan, or on any other membership basis, may participatein such a plan, and the persons insured through the plan shall not be entitledto membership in any such insurer nor shall they be entitled to any dividendrights, voting rights, or any other rights peculiar to mutual insurancepolicyholders and participants in membership insurance plans. (1963,c. 1125; 1991, c. 720, s. 4.)