§ 58-37-50. Termination of insurance.
213 words·~1 min read·
/nc/chapter-58/58-37-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 58-37-50. Termination of insurance.
No member may terminate insurance to the extent that cession of a particular type of coverage and limits is available under the provisions of this Article except for the following reasons:
(1)Nonpayment of premium when due to the insurer or producing agent.
(2)The named insured has become a nonresident of this State and would not otherwise be entitled to insurance on submission of new application under this Article.
(3)A member company has terminated an agency contract for reasons other than the quality of the agent's insureds or the agent has terminated the contract and such agent represented the company in taking the original application for insurance.
(4)When the insurance contract has been cancelled pursuant to a power of attorney given a company licensed pursuant to the provisions of G.S. 58-35-5.
(5)The named insured, at the time of renewal, fails to meet the requirements contained in the corporate charter, articles of incorporation, and/or bylaws of the insurer, when the insurer is a company organized for the sole purpose of providing members of an organization with insurance policies in North Carolina.
(6)The named insured is no longer an eligible risk under G.S. 58-37-1. (1973, c. 818, s. 1; 1979, c. 497; 2007-443, s. 2.)