North Carolina § 58-62-6 - Purpose.

§ 58-62-6. Purpose.

The purpose of this Article is to protect, subject to certain limitations, the persons specified in G.S. 58-62-21(a) against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in G.S. 58-62-21(b), because of the delinquency of the member insurer that issued the policies, plans, or contracts. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and members of the Association are subject to assessment to provide funds to carry out the purpose of this Article. History (1991, c. 681, s. 56; 2018-120, s. 1.1(a).) 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(a), in subsection (a), substituted "under life, health, and annuity policies, plans, or" for "under life and health insurance policies," near the beginning and added ", plans, or contracts" at the end; and inserted "member" in subsection (b). For effective date and applicability, see editor's note. § 58-62-10: Repealed by Session Laws 1991, c. 681, s. 57.