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Code · North Carolina · Chapter 58 — Insurance

§ 58-46-40. Assessment; inability to pay.

96 words·~1 min read·/nc/chapter-58/58-46-40

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§ 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.)
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