58-15-145. Distribution of assets after liquidation.
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 G.S. 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.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 15 - Reciprocal Insurance.
§ 58-15-10 - Kinds of insurance.
§ 58-15-15 - Risk limitations.
§ 58-15-20 - Eligible contracting persons.
§ 58-15-30 - License, surplus, and deposit requirements.
§ 58-15-35 - Continuation of business under prior requirements.
§ 58-15-40 - Certification of foreign and alien reciprocals.
§ 58-15-45 - Attorney's domicile.
§ 58-15-50 - Contracts and property.
§ 58-15-55 - Insurance producer license.
§ 58-15-60 - Subscribers' contingent liability.
§ 58-15-65 - Nonassessable policies.
§ 58-15-70 - Distribution to subscribers.
§ 58-15-85 - Service of process.
§ 58-15-90 - Legal proceedings.
§ 58-15-95 - Liability on judgments.
§ 58-15-100 - Declaration for license.
§ 58-15-105 - Attorney's bond.
§ 58-15-110 - Deposit in lieu of bond.
§ 58-15-115 - Advisory committee.
§ 58-15-120 - Subscriber's agreement and power of attorney.
§ 58-15-125 - Modification of subscriber's agreement and power of attorney.
§ 58-15-130 - Advance of funds.
§ 58-15-140 - Duration of liability for assessment.
§ 58-15-145 - Distribution of assets after liquidation.
§ 58-15-150 - Financial impairment; assessment; liquidation.