58-37-5. North Carolina Motor Vehicle Reinsurance Facility; creation; membership.
There is created a nonprofit unincorporated legal entity to be known as the North Carolina Motor Vehicle Reinsurance Facility consisting of all insurers licensed to write and engaged in writing within this State motor vehicle insurance or any component thereof. Every such insurer, as a prerequisite to further engaging in writing such insurance in this State, shall be a member of the Facility and shall be bound by the rules of operation thereof as provided for in this Article and as promulgated by the Board of Governors. No company may withdraw from membership in the Facility unless it ceases to write motor vehicle insurance in this State or ceases to be licensed to write such insurance. (1973, c. 818, s. 1; 1983, c. 416, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 37 - North Carolina Motor Vehicle Reinsurance Facility.
§ 58-37-5 - North Carolina Motor Vehicle Reinsurance Facility; creation; membership.
§ 58-37-10 - Obligations after termination of membership.
§ 58-37-20 - Merger, consolidation or cession.
§ 58-37-25 - General obligations of insurers.
§ 58-37-30 - General obligations of insurance producers.
§ 58-37-35 - The Facility; functions; administration.
§ 58-37-40 - Plan of operation.
§ 58-37-45 - Procedure for cession provided in plan of operation.
§ 58-37-50 - Termination of insurance.
§ 58-37-55 - Exemption from requirements of this Article of companies and their agents.