North Carolina § 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: To cause to be issued policies of insurance to applicants. To assume reinsurance from its members. To cede reinsurance to its members and to purchase reinsurance in behalf of its members. 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. To publish in the North Carolina Register all homeowners' rate filings with the Department of Insurance. History (1967, c. 1111, s. 1; 1969, c. 249; 1999-114, s. 7; 2009-472, s. 1.) Editor's Note. - Session Laws 2009-472, s. 7, provides: "The North Carolina Rate Bureau shall file for approval by the Commissioner no later than February 1, 2010, rating plans for policies under its jurisdiction in the beach and coastal areas of North Carolina that include a deductible for named storm wind and hail losses of one percent (1%) of the insured value of the property." Session Laws 2009-472, s. 10, contains a severability clause. Subdivisions (4) and (5), as added by Session Laws 2009-472, s. 1, effective August 26, 2009, are applicable to policies filed, issued, or renewed on or after that date.