§ 58-62-26. Creation of the Association. - North Carolina Statutes

§58‑62‑26.  Creation of the Association.

(a)        There is created anonprofit legal entity to be known as the North Carolina Life and HealthInsurance Guaranty Association.  All member insurers shall be and remainmembers of the Association as a condition of their authority to transactinsurance in this State.  The Association shall perform its functions under thePlan established and approved under G.S. 58‑62‑46 and shallexercise its powers through the Board established under G.S. 58‑62‑31. For purposes of administration and assessment, the Association shall maintaintwo accounts:

(1)        The life insuranceand annuity account, which includes the following subaccounts:

a.         Life insuranceaccount;

b.         Annuity account.

(2)        The health insuranceaccount.

(b)        The Association isunder the immediate supervision of the Commissioner and is subject to theapplicable provisions of this Chapter.  Meetings or records of the Associationmay be opened to the public upon majority vote of the Board. (1991,c. 681, s. 56.)