(a)        The purpose of this Article is to protect, subject to certain limitations, the persons specified in N.C. Gen. Stat. § 58-62-21(a) against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in N.C. Gen. Stat. § 58-62-21(b), because of the delinquency of the member insurer that issued the policies, plans, or contracts.

(b)        To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and members of the Association are subject to assessment to provide funds to carry out the purpose of this Article. ?(1991, c. 681, s. 56; 2018-120, s. 1.1(a).)

Terms Used In North Carolina General Statutes 58-62-6

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Association: means the North Carolina Life and Health Insurance Guaranty Association created under N. See North Carolina General Statutes 58-62-16
  • Member insurer: means any insurer, health maintenance organization that is governed by Article 67 of this Chapter, and any full-service corporation that is governed by Article 65 of this Chapter and that is licensed or that holds a license to transact in this State any kind of insurance or health maintenance organization business for which coverage is provided under N. See North Carolina General Statutes 58-62-16
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