2010 North Carolina Code
Chapter 58 Insurance.
Article 45 - Essential Property Insurance for Beach Area Property.
58-45-15. Powers and duties of Association.
58‑45‑15. Powers and duties of Association.
The Association shall, pursuant to the provisions of this Article and the plan of operation, and with respect to the insurance coverages authorized in this Article, have the power on behalf of its members:
(1) To cause to be issued policies of insurance to applicants.
(2) To assume reinsurance from its members.
(3) To cede reinsurance to its members and to purchase reinsurance in behalf of its members.
(4) To pledge the proceeds of assessments, projected reinsurance recoveries, other recoverables, and any other funds available to the Association as the source of revenue for and to secure lines of credit or other borrowings or financing arrangements necessary to fund any actual, projected, or future deficits of the Association, including borrowing from member companies.
(5) To publish in the North Carolina Register all homeowners' rate filings with the Department of Insurance. (1967, c. 1111, s. 1; 1969, c. 249; 1999‑114, s. 7; 2009‑472, s. 1.)
Disclaimer: These codes may not be the most recent version. North Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
