§ 58-48-5. Purpose of Article.
76 words·~1 min read·
/nc/chapter-58/58-48-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 58-48-5. Purpose of Article.
The purpose of this Article is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment, and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers. (1971, c. 670, s. 1.)