58-20-30. Financial monitoring and evaluation of clubs.
Each club shall be audited annually, at the Club's expense, by a certified public accounting firm. A copy of the audit report shall be furnished to each member, and to the Commissioner. The trustees shall obtain an appropriate actuarial evaluation of the loss and loss adjustment expenses reserves of the Club, including estimate of losses and loss adjustment expenses incurred but not reported. The provisions of G.S. 58-2-131 through G.S. 58-2-134, G.S. 58-2-150, 58-2-160, 58-2-165, 58-2-180, 58-2-185, 58-2-190, 58-2-200, and G.S. 58-6-5 apply to each Club and to persons that administer the Clubs. (1987, c. 330, s. 1; 1991, c. 681, s. 5; 1999-132, s. 11.2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 20 - Hull Insurance, and Protection and Indemnity Clubs.
§ 58-20-10 - Commercial Fishermen Hull Insurance, and Protection and Indemnity Clubs authorized.
§ 58-20-15 - Board of trustees.
§ 58-20-20 - Mutual agreement for indemnification.
§ 58-20-25 - Termination of Club membership; notice.
§ 58-20-30 - Financial monitoring and evaluation of clubs.
§ 58-20-35 - Insolvency or impairment of Club.
§ 58-20-40 - Immunity of administrators and boards of trustees.