§ 74D-9. Certificate of liability insurance required; form and approval; suspension for noncompliance. - North Carolina Statutes

§74D‑9.  Certificate of liability insurance required; form and approval;suspension for noncompliance.

(a)        to (c) Repealed bySession Laws 1985, c. 561, s. 8.

(d)        No license shall beissued under this act unless the applicant files with the Board evidence of apolicy of liability insurance which policy must provide for the followingminimum coverage: fifty thousand dollars ($50,000) because of bodily injury ordeath of one person as a result of the negligent act or acts of the principalinsured or his agents operating in the course and scope of his employment;subject to said limit for one person, one hundred thousand dollars ($100,000)because of bodily injury or death of two or more persons as the result of thenegligent act or acts of the principal insured or his agent operating in thecourse and scope of his or her agency; twenty thousand dollars ($20,000)because of injury to or destruction of property of others as the result of thenegligent act or acts of the principal insured or his agents operating in thecourse and scope of his or her agency.

(e)        An insurancecarrier shall have the right to cancel such policy of liability insurance upongiving written notice to the Board within a reasonable time before theeffective date of the cancellation. Provided, however, that such cancellationshall not affect any liability on the policy which accrued prior thereto. Thepolicy of liability shall be approved by the Board as to form, execution, andterms thereon.

(f)         Every licenseeshall at all times maintain on file with the Board a certificate of insurancerequired by this Chapter in full force and effect and upon failure to do so,the license of such licensee shall be automatically suspended and shall not bereinstated until an application therefor, in the form prescribed by the Board,is filed together with a proper insurance certificate. (1983,c. 786, s. 1; 1985, c. 561, s. 8; 1989, c. 730, s. 6; 1991 (Reg. Sess., 1992),c. 953, s. 8.)