North Carolina General Statutes 97-143. Use of deposits made by insolvent member self-insurers
Terms Used In North Carolina General Statutes 97-143
- Association: means the North Carolina Self-Insurance Security Association established by N. See North Carolina General Statutes 97-130
- Association Aggregate Security System: means the security system established by the Association under N. See North Carolina General Statutes 97-130
- Commissioner: means the North Carolina Commissioner of Insurance. See North Carolina General Statutes 97-130
- Contract: A legal written agreement that becomes binding when signed.
- member: means an individual self-insurer or group self-insurer that is required to be a member of the Association under this Article or Part 1, Article 47 of Chapter 58 of the N. See North Carolina General Statutes 97-130
After the Commissioner has notified the Association, under N.C. Gen. Stat. § 97-136(a), that a member is insolvent, the Commissioner shall assign and deliver to the Association, and the Association is authorized to expend any deposit made by the insolvent member under N.C. Gen. Stat. § 58-47-90 or N.C. Gen. Stat. § 97-185, to the extent the deposit is needed by the Association to pay covered claims against the insolvent member as required by this Article, and to the extent the deposit is needed to pay expenses of the Association relating to covered claims against the insolvent member. For insolvent individual member self-insurers that participate in the Association Aggregate Security System, the Association is authorized to pursue recovery under every instrument, contract, and form of security comprising the composite security. The Association shall account to the Commissioner and the insolvent member or its successor for all deposits received from the Commissioner under this section. (1991, c. 644, s. 25; 1997-362, s. 6; 2005-400, s. 8.)