North Carolina § 58-42-1 - Establishment of plans.

§ 58-42-1. Establishment of plans.

If the Commissioner finds, after a hearing held in accordance with Article 3A of Chapter 150B of the General Statutes, that in all or any part of this State, any amount or kind of insurance authorized by G.S. 58-7-15(4) through G.S. 58-7-15(22) is not readily available in the voluntary market and that the public interest requires the availability of that insurance, he may either: Promulgate plans to provide insurance coverage for any risks in this State that are, based on reasonable underwriting standards, entitled to obtain but are otherwise unable to obtain coverage; or Call upon insurers to prepare plans for his approval. Consistent with G.S. 58-42-5(a)(2), the Commissioner shall at least annually reevaluate a plan promulgated pursuant to this section and shall terminate the plan upon determining that the insurance coverage is readily available in the voluntary market or that the public interest no longer requires the operation of the plan. History (1986, Ex. Sess., c. 7, s. 1; 1999-114, ss. 1, 2.) Editor's Note. - Session Laws 1999-114, s. 2, effective May 28, 1999, reenacted this Article, which had expired July 1, 1997, pursuant to Session Laws 1995, c. 517, s. 26. Session Laws 2001-122, s. 1, effective June 30, 2001, repealed G.S. 58-42-55 , which had provided for expiration of this section on July 1, 2001. Opinions of Attorney General General Assembly Can Extend Statute. - There is no reason that the General Assembly cannot extend this article. See opinion of Attorney General to The Honorable E. David Redwine, North Carolina House of Representatives and The Honorable Patrick J. Ballantine, Senate Minority Leader, 2001 N.C. AG LEXIS 19 (6/18/2001).