Essential PropertyInsurance for Beach Area Property.
§ 58‑45‑1. Declarations and purpose of Article.
(a) It is herebydeclared by the General Assembly of North Carolina that an adequate market foressential property insurance is necessary to the economic welfare of the beachand coastal areas of the State of North Carolina and that without suchinsurance the orderly growth and development of those areas would be severelyimpeded; that furthermore, adequate insurance upon property in the beach andcoastal areas is necessary to enable homeowners and commercial owners to obtainfinancing for the purchase and improvement of their property; and that whilethe need for such insurance is increasing, the market for such insurance is notadequate and is likely to become less adequate in the future; and that thepresent plans to provide adequate insurance on property in the beach andcoastal areas, while deserving praise, have not been sufficient to meet theneeds of this area. It is further declared that the State has an obligation toprovide an equitable method whereby every licensed insurer writing essentialproperty insurance in North Carolina is required to meet its publicresponsibility instead of shifting the burden to a few willing and public‑spiritedinsurers. It is the purpose of this Article to accept this obligation and toprovide a mandatory program to assure an adequate market for essential propertyinsurance in the beach and coastal areas of North Carolina.
(b) The GeneralAssembly further declares that it is its intent in creating and, from time totime, amending this Article that the market provided by this Article not be thefirst market of choice, but the market of last resort.
(c) It is the intent ofthe General Assembly that except for North Carolina gross premium taxes and thefire and lightning tax, the activities of the Association be exempt from Stateand federal taxation to the fullest extent permitted by law. (1967, c. 1111, s. 1; 1969,c. 249; 1979, c. 601, s. 1; 1997‑498, s. 9; 2009‑472, s. 1.)
Essential PropertyInsurance for Beach Area Property.
§ 58‑45‑1. Declarations and purpose of Article.
(a) It is herebydeclared by the General Assembly of North Carolina that an adequate market foressential property insurance is necessary to the economic welfare of the beachand coastal areas of the State of North Carolina and that without suchinsurance the orderly growth and development of those areas would be severelyimpeded; that furthermore, adequate insurance upon property in the beach andcoastal areas is necessary to enable homeowners and commercial owners to obtainfinancing for the purchase and improvement of their property; and that whilethe need for such insurance is increasing, the market for such insurance is notadequate and is likely to become less adequate in the future; and that thepresent plans to provide adequate insurance on property in the beach andcoastal areas, while deserving praise, have not been sufficient to meet theneeds of this area. It is further declared that the State has an obligation toprovide an equitable method whereby every licensed insurer writing essentialproperty insurance in North Carolina is required to meet its publicresponsibility instead of shifting the burden to a few willing and public‑spiritedinsurers. It is the purpose of this Article to accept this obligation and toprovide a mandatory program to assure an adequate market for essential propertyinsurance in the beach and coastal areas of North Carolina.
(b) The GeneralAssembly further declares that it is its intent in creating and, from time totime, amending this Article that the market provided by this Article not be thefirst market of choice, but the market of last resort.
(c) It is the intent ofthe General Assembly that except for North Carolina gross premium taxes and thefire and lightning tax, the activities of the Association be exempt from Stateand federal taxation to the fullest extent permitted by law. (1967, c. 1111, s. 1; 1969,c. 249; 1979, c. 601, s. 1; 1997‑498, s. 9; 2009‑472, s. 1.)
Essential PropertyInsurance for Beach Area Property.
§ 58‑45‑1. Declarations and purpose of Article.
(a) It is herebydeclared by the General Assembly of North Carolina that an adequate market foressential property insurance is necessary to the economic welfare of the beachand coastal areas of the State of North Carolina and that without suchinsurance the orderly growth and development of those areas would be severelyimpeded; that furthermore, adequate insurance upon property in the beach andcoastal areas is necessary to enable homeowners and commercial owners to obtainfinancing for the purchase and improvement of their property; and that whilethe need for such insurance is increasing, the market for such insurance is notadequate and is likely to become less adequate in the future; and that thepresent plans to provide adequate insurance on property in the beach andcoastal areas, while deserving praise, have not been sufficient to meet theneeds of this area. It is further declared that the State has an obligation toprovide an equitable method whereby every licensed insurer writing essentialproperty insurance in North Carolina is required to meet its publicresponsibility instead of shifting the burden to a few willing and public‑spiritedinsurers. It is the purpose of this Article to accept this obligation and toprovide a mandatory program to assure an adequate market for essential propertyinsurance in the beach and coastal areas of North Carolina.
(b) The GeneralAssembly further declares that it is its intent in creating and, from time totime, amending this Article that the market provided by this Article not be thefirst market of choice, but the market of last resort.
(c) It is the intent ofthe General Assembly that except for North Carolina gross premium taxes and thefire and lightning tax, the activities of the Association be exempt from Stateand federal taxation to the fullest extent permitted by law. (1967, c. 1111, s. 1; 1969,c. 249; 1979, c. 601, s. 1; 1997‑498, s. 9; 2009‑472, s. 1.)
