58-45-96. Succession and dissolution.
In the event that a successor organization is created to perform the Association's general functions, the surplus, assets, and liabilities then held by the Association shall be transferred to such successor organization. The pledge or sale of, the lien upon, and the security interest in any rights, revenues, or other assets of the Association created pursuant to any financing arrangements entered into by the Association shall be and remain valid and enforceable on the successor organization, notwithstanding the commencement of any rehabilitation, insolvency, liquidation, bankruptcy, conservatorship, reorganization, or similar proceeding against the Association. No such proceeding shall relieve the Association of its obligation to continue to collect assessments or other revenues pledged pursuant to any financing arrangements. In the event of dissolution, surplus then held shall not be distributed to member insurers. (2009-472, s. 1.)
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.