58-46-40. Assessment; inability to pay.
In the event any insurer fails by reason of insolvency to pay any assessment as provided herein, the amount assessed each insurer shall be immediately recalculated excluding therefrom the insolvent insurer so that its assessment is, in effect, assumed and redistributed among the remaining insurers. Such an assessment against an insolvent insurer shall not be a charge against any special deposit fund held under the provisions of Article 5 of this Chapter for the benefit of policyholders. (1969, c. 1284; 1985, c. 519, s. 7; 1991, c. 720, s. 26.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 46 - Fair Access to Insurance Requirements.
§ 58-46-1 - Purpose and geographic coverage of Article.
§ 58-46-2 - Persons who can be insured by the Association.
§ 58-46-5 - Organization of underwriting association.
§ 58-46-10 - Participation in association.
§ 58-46-15 - Requirements of Plan and authority of Association.
§ 58-46-20 - Authority of Commissioner.
§ 58-46-25 - Temporary directors of association.
§ 58-46-30 - Appeals; judicial review.
§ 58-46-35 - Reports of inspection made available; immunity from liability.
§ 58-46-40 - Assessment; inability to pay.
§ 58-46-41 - Unearned premium, loss, and loss expense reserves.
§ 58-46-45 - Premium taxes to be paid through Association.
§ 58-46-55 - Rates, rating plans, rating rules, and forms applicable.