58-45-36. Temporary contracts of insurance.
Consistent with G.S. 58-45-35(d), the Association shall be temporarily bound by a written temporary binder of insurance issued by any duly licensed insurance agent or broker. Coverage shall be effective upon payment to the agent or broker of the entire premium or part of the premium, as prescribed by the Association's plan of operation. Nothing in this section shall impair or restrict the rights of the Association under G.S. 58-45-35(b) to decline to issue a policy based upon a lack of insurability as determined by the Association or the existence of an unpaid premium due from the applicant. (2002-185, s. 4.2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 45 - Essential Property Insurance for Beach Area Property.
§ 58-45-1 - Declarations and purpose of Article.
§ 58-45-5 - Definition of terms.
§ 58-45-6 - Persons who can be insured by the Association.
§ 58-45-10 - North Carolina Insurance Underwriting Association created.
§ 58-45-15 - Powers and duties of Association.
§ 58-45-20 - Temporary directors of Association.
§ 58-45-25 - Each member of Association to participate in nonrecoupable assessments.
§ 58-45-35 - Persons eligible to apply to Association for coverage; contents of application.
§ 58-45-36 - Temporary contracts of insurance.
§ 58-45-40 - Association members may cede insurance to Association.
§ 58-45-45 - Rates, rating plans, rating rules, and forms applicable.
§ 58-45-46 - Unearned premium, loss, and loss expense reserves.
§ 58-45-55 - Reports of inspection made available.
§ 58-45-60 - Association and Commissioner immune from liability.
§ 58-45-65 - Association to file annual report with Commissioner.
§ 58-45-65.1 - Association to be audited.
§ 58-45-70 - Commissioner may examine affairs of Association.
§ 58-45-71 - Report of member companies to Commissioner.
§ 58-45-75 - Commissioner authorized to promulgate reasonable rules and regulations.
§ 58-45-80 - Premium taxes to be paid through Association.
§ 58-45-85 - Assessment; inability to pay.