North Carolina § 58-62-26 - Creation of the Association.

§ 58-62-26. Creation of the Association.

There is created a nonprofit legal entity to be known as the North Carolina Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or a health maintenance organization business in this State. The Association shall perform its functions under the Plan established and approved under G.S. 58-62-46 and shall exercise its powers through the Board established under G.S. 58-62-31. For purposes of administration and assessment, the Association shall maintain two accounts: The life insurance and annuity account, which includes the following subaccounts: Life insurance account. Annuity account, which shall include annuity contracts owned by a governmental retirement plan or its trustee established under Section 401, 403(b), or 457 of the United States Internal Revenue Code 1954, but shall otherwise exclude unallocated annuities. Unallocated annuity account, which shall exclude contracts owned by a governmental retirement benefit plan or its trustee established under Section 401, 403(b), or 457 of the United States Internal Revenue Code 1954. The health account. The Association is under the immediate supervision of the Commissioner and is subject to the applicable provisions of this Article. Meetings or records of the Association may be opened to the public upon majority vote of the Board. History (1991, c. 681, s. 56; 2018-120, s. 1.1(d).) Editor's Note. - Session Laws 2018-120, s. 1.3, provides: "Sections 1.1 and 1.2 of this act are effective when this act becomes law [June 28, 2018]. The provisions of Sections 1.1 and 1.2 of this act shall not apply to any member insurer that is insolvent or unable to fulfill its contractual obligations on the effective date of this act." Effect of Amendments. - Session Laws 2018-120, s. 1.1(d), rewrote subsection (a), and substituted "Article" for "Chapter" at the end of the first sentence of subsection (b). For effective date and applicability, see editor's note. § 58-62-30: Repealed by Session Laws 1991, c. 681, s. 57.