§58-48-110. Purpose of the accounts

Latest version.

The purpose of the accounts created in the Association pursuant to G.S. 58-48-115 and G.S. 58-48-120 of this Article shall be solely to:

(1)        Receive the balance from the accounts created under former G.S. 97-107 and G.S. 97-114;

(2)        Receive assessment moneys from member companies as provided in G.S. 58-48-115(a)(3), 58-48-120(b), and 58-48-120(c);

(3)        Receive interest on moneys in the accounts;

(4)        Pay stock or mutual carrier claims made against the security funds established under G.S. 97-107 and G.S. 97-114, but only for claims existing before January 1, 1993; and

(5)        Refund to the contributing stock companies in accordance with G.S. 58-48-115 the excess moneys in the stock fund account as set forth in G.S. 58-48-115(a)(2).

(1991 (Reg. Sess., 1992), c. 802, s. 7.)

                    
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