North Carolina General Statutes 58-48-110. Purpose of the accounts
The purpose of the accounts created in the Association pursuant to N.C. Gen. Stat. § 58-48-115 and N.C. Gen. Stat. § 58-48-120 of this Article shall be solely to:
(1) Receive the balance from the accounts created under former N.C. Gen. Stat. § 97-107 and N.C. Gen. Stat. § 97-114;
Terms Used In North Carolina General Statutes 58-48-110
- Account: means any one of the three accounts created by N. See North Carolina General Statutes 58-48-20
- Association: means the North Carolina Insurance Guaranty Association created under N. See North Carolina General Statutes 58-48-20
(2) Receive assessment moneys from member companies as provided in N.C. Gen. Stat. § 58-48-115(a)(3), 58-48-120(b), and 58-48-120(c);
(3) Receive interest on moneys in the accounts;
(4) Pay stock or mutual carrier claims made against the security funds established under N.C. Gen. Stat. § 97-107 and N.C. Gen. Stat. § 97-114, but only for claims existing before January 1, 1993; and
(5) Refund to the contributing stock companies in accordance with N.C. Gen. Stat. § 58-48-115 the excess moneys in the stock fund account as set forth in N.C. Gen. Stat. § 58-48-115(a)(2). (1991 (Reg. Sess., 1992), c. 802, s. 7.)