{"data":{"id":"us-nc/n.c.-gen.-stat.-58-48-25","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-48-25","heading":"Creation of the Association.","body":"There is created a nonprofit, unincorporated legal entity to be known as the North Carolina Insurance Guaranty Association. All insurers defined as member insurers in G.S. 58-48-20(6) shall be and remain members of the Association as a condition of their authority to transact insurance in this State. The Association shall perform its functions under a plan of operation established and approved under G.S. 58-48-40 and shall exercise its powers through a board of directors established under G.S. 58-48-30. For purposes of administration and assessment, the Association shall be divided into three separate accounts: (i) the automobile insurance account; (ii) the workers' compensation account; and (iii) the account for all other insurance to which the Article applies. Each person becoming a member insurer after October 1, 1985, shall pay to the Association upon demand a nonrefundable initial membership fee of fifty dollars ($50.00). (1971, c. 670, s. 1; 1985, c. 613, s. 4; 1991 (Reg. Sess., 1992), c. 802, s. 3.)","path":["Chapter 58. Insurance.","Article 48. Postassessment Insurance Guaranty Association."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-48-25.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"622b13164e915891fac0907308f94715b6bfae0fcb89c45d22819cc79a21df90","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-48-20","next":"us-nc/n.c.-gen.-stat.-58-48-30"},"notice":"GroundRules: Original legal text. Not legal advice."}