{"data":{"id":"us-nc/n.c.-gen.-stat.-58-23-15","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-23-15","heading":"Contract.","body":"A contract or agreement made pursuant to this Article must contain provisions:\n(1)\tFor a system or program of loss control;\n(2)\tFor termination of membership including either:\na.\tCancellation of individual members of the pool by the pool; or\nb.\tElection by an individual member of the pool to terminate its participation;\n(3)\tRequiring the pool to pay all claims for which each member incurs liability during each member's period of membership, except where a member has individually retained the risk, where the risk is not covered, and except for amount of claims above the coverage provided by the pool.\n(4)\tFor the maintenance of claim reserves equal to known incurred losses and loss adjustment expenses and to an estimate of incurred but not reported losses;\n(5)\tFor a final accounting and settlement of the obligations of or refunds to a terminating member to occur when all incurred claims are concluded, settled, or paid;\n(6)\tThat the pool may establish offices where necessary in this State and employ necessary staff to carry out the purposes of the pool;\n(7)\tThat the pool may retain legal counsel, actuaries, claims adjusters, auditors, engineers, private consultants, and advisors, and other persons as the board of trustees or the administrator deem to be necessary;\n(8)\tThat the pool may make and alter bylaws and rules pertaining to the exercise of its purpose and powers;\n(9)\tThat the pool may purchase, lease, or rent real and personal property it deems to be necessary; and\n(10)\tThat the pool may enter into financial services agreements with financial institutions and that it may issue checks in its own name. (1985 (Reg. Sess., 1986), c. 1027, s. 26.)","path":["Chapter 58. Insurance.","Article 23. Local Government Risk Pools."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-23-15.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"85c263c66f86a3273004f481b69bdd730ff7ee8d03868f57e6818e8160329427","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-23-10","next":"us-nc/n.c.-gen.-stat.-58-23-20"},"notice":"GroundRules: Original legal text. Not legal advice."}