58-62-6. Purpose.
(a) The purpose of this Article is to protect, subject to certain limitations, the persons specified in G.S. 58-62-21(a) against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in G.S. 58-62-21(b), because of the delinquency of the member insurer that issued the policies, plans, or contracts.
(b) To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and members of the Association are subject to assessment to provide funds to carry out the purpose of this Article. (1991, c. 681, s. 56; 2018-120, s. 1.1(a).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 62 - Life and Health Insurance Guaranty Association.
§ 58-62-21 - Coverage and limitations.
§ 58-62-26 - Creation of the Association.
§ 58-62-31 - Board of directors.
§ 58-62-36 - Powers and duties of the Association.
§ 58-62-46 - Plan of operation.
§ 58-62-51 - Duties and powers of the Commissioner.
§ 58-62-56 - Prevention of delinquencies.
§ 58-62-61 - Miscellaneous provisions.
§ 58-62-66 - Examination of the Association; annual report.
§ 58-62-77 - Actions not precluded.
§ 58-62-81 - Stay of proceedings; reopening default judgments.
§ 58-62-86 - Prohibited advertisement of Article in insurance sales; notice to policyholders.
§ 58-62-95 - Use of deposits made by impaired or insolvent insurer.