Upon the liquidation of a domestic reciprocal, the assets remaining after (i) discharge of its indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in N.C. Gen. Stat. § 58-15-130, and (iii) the return of any unused deposits, savings, or credits, shall be distributed.? The distribution shall be according to a formula approved by the Commissioner or the Court to the persons who were its subscribers within the 12 months prior to the final termination of its license. (1989, c. 425, s. 1.)

Terms Used In North Carolina General Statutes 58-15-145

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
  • License: means a license to transact the business of insurance in this State, issued by the Commissioner. See North Carolina General Statutes 58-15-5
  • person: means any county, city, school board, hospital authority, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a local government or local government authority, that has the power to enter into contractual undertakings within or without the State. See North Carolina General Statutes 58-15-5
  • Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
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