North Carolina Self-Insurance Security Association.
(a) There is created a nonprofit unincorporated legal entity
to be known as the North Carolina Self-Insurance Security Association.
The Association is to provide mechanisms for the payment of covered
claims against member self-insurers, to avoid excessive delay
in payment of covered claims, to avoid financial loss to claimants because of the
insolvency of a member self-insurer, to assist the Commissioner in the detection of self-insurer
insolvencies, to fund the Association Aggregate Security System, and to
capitalize the Fund to ensure the availability of financial resources to pay
covered claims and to fund the activities of the Association.
(b) All individual self-insurers and group self-insurers shall be and remain
members of the Association as a condition of being licensed to self-insure in
this State. The Association shall perform
its functions under a Plan of Operation established or amended,
or both, by the Board and shall
exercise its powers through the Board.
- An individual self-insurer or a group self-insurer shall be deemed to be a member of the Association
for purposes of another member's insolvency, as defined
in G.S. 97-135, when:
- The individual self-insurer or group self-insurer is a member of the Association when an insolvency
- The individual self-insurer or group self-insurer has been a member of the Association at some
point in time during the 12-month period immediately preceding
the insolvency in question.
- An individual self-insurer or group self-insurer shall be deemed to be a member of the Association
for purposes of its own insolvency if it is a member when the
compensable injury occurs.
- In determining the membership of the Association for the purposes of subdivisions (1) and (2) of this subsection for any date after
the effective date of this Article, no individual self-insurer or group
self-insurer may be deemed to be a member of the
Association on any date after the effective date of this Article,
unless that employer is on that date licensed as an individual self‑insurer by
the Commissioner under Article 5 of this Chapter or a group of employers is at that time
as a group self-insurer by the Commissioner under Article 47 of Chapter 58 of
the General Statutes. (1985 (Reg. Sess., 1986), c. 1013, s. 1; 1987, c.
528, s. 2; 1997-362, s. 9; 2005; 2011.)
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of Contents page for Chapter 97. Workers' Compensation Act.
Text of Chapter 97. Workers' Compensation Act.
N.C. Industrial Commission ·
4340 Mail Service Center ·
Raleigh, NC 27699-4340
Main Telephone: (919) 807-2500 ·
Fax: (919) 715-0282
NCIC Home Page: http://www.ic.nc.gov/