§ 58-62-6. Purpose. - North Carolina Statutes

§58‑62‑6.  Purpose.

(a)        The purpose of thisArticle is to protect, subject to certain limitations, the persons specified inG.S. 58‑62‑21(a) against failure in the performance of contractualobligations, under life and health insurance policies and annuity contractsspecified in G.S. 58‑62‑21(b), because of the delinquency of themember insurer that issued the policies.

(b)        To provide thisprotection, an association of insurers is created to pay benefits and tocontinue coverages as limited herein, and members of the Association aresubject to assessment to provide funds to carry out the purpose of thisArticle. (1991, c. 681, s. 56.)