State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-48-115

§ 58‑48‑115. Creation of Stock Fund Account; maintenance of Stock Fund Account; anddistribution of Stock Fund.

(a)        The moneys receivedby the Association pursuant to G.S. 58‑48‑105(a) shall bedistributed as follows:

(1)        An amount equivalentto one and one‑half times the contingent liabilities of the StockWorkers' Compensation Security Fund created pursuant to former G.S. 97‑107existing on December 31, 1992, shall be deposited in a separate reserve accountto be maintained by the Association which shall be designated as the"Stock Reserve Account." The amount of the Fund's contingentliabilities and the amount to be deposited in this Stock Reserve Account shallbe determined and approved by the Department.

(2)        The balance of themoneys received from the Stock Workers' Compensation Security Fund createdpursuant to former G.S. 97‑107 shall be refunded by the Association tomember insurers that were contributing stock carriers during calendar year 1989in accordance with the determination of the Department under this subdivision.The amount to be refunded to each stock carrier shall be in proportion to thecontributions paid in by each stock carrier. The Department shall, as nearly aspracticable, determine this amount under generally accepted accounting principlesand the determination of the Department shall be final and not subject toappeal.

(3)        Should the balanceof the moneys in the Stock Reserve Account be reduced to less than one and one‑halftimes the contingent liabilities of the account, the Association shall assessall member insurers that are stock carriers writing workers' compensation inthis State at the time of the assessment in an amount equivalent to one and one‑halftimes the contingent liabilities of said account. The assessment under thissubdivision shall be made in accordance with the provisions of G.S. 58‑48‑35(a)(3).(1991 (Reg. Sess., 1992), c. 802, s. 8.)

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-48-115

§ 58‑48‑115. Creation of Stock Fund Account; maintenance of Stock Fund Account; anddistribution of Stock Fund.

(a)        The moneys receivedby the Association pursuant to G.S. 58‑48‑105(a) shall bedistributed as follows:

(1)        An amount equivalentto one and one‑half times the contingent liabilities of the StockWorkers' Compensation Security Fund created pursuant to former G.S. 97‑107existing on December 31, 1992, shall be deposited in a separate reserve accountto be maintained by the Association which shall be designated as the"Stock Reserve Account." The amount of the Fund's contingentliabilities and the amount to be deposited in this Stock Reserve Account shallbe determined and approved by the Department.

(2)        The balance of themoneys received from the Stock Workers' Compensation Security Fund createdpursuant to former G.S. 97‑107 shall be refunded by the Association tomember insurers that were contributing stock carriers during calendar year 1989in accordance with the determination of the Department under this subdivision.The amount to be refunded to each stock carrier shall be in proportion to thecontributions paid in by each stock carrier. The Department shall, as nearly aspracticable, determine this amount under generally accepted accounting principlesand the determination of the Department shall be final and not subject toappeal.

(3)        Should the balanceof the moneys in the Stock Reserve Account be reduced to less than one and one‑halftimes the contingent liabilities of the account, the Association shall assessall member insurers that are stock carriers writing workers' compensation inthis State at the time of the assessment in an amount equivalent to one and one‑halftimes the contingent liabilities of said account. The assessment under thissubdivision shall be made in accordance with the provisions of G.S. 58‑48‑35(a)(3).(1991 (Reg. Sess., 1992), c. 802, s. 8.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_58 > GS_58-48-115

§ 58‑48‑115. Creation of Stock Fund Account; maintenance of Stock Fund Account; anddistribution of Stock Fund.

(a)        The moneys receivedby the Association pursuant to G.S. 58‑48‑105(a) shall bedistributed as follows:

(1)        An amount equivalentto one and one‑half times the contingent liabilities of the StockWorkers' Compensation Security Fund created pursuant to former G.S. 97‑107existing on December 31, 1992, shall be deposited in a separate reserve accountto be maintained by the Association which shall be designated as the"Stock Reserve Account." The amount of the Fund's contingentliabilities and the amount to be deposited in this Stock Reserve Account shallbe determined and approved by the Department.

(2)        The balance of themoneys received from the Stock Workers' Compensation Security Fund createdpursuant to former G.S. 97‑107 shall be refunded by the Association tomember insurers that were contributing stock carriers during calendar year 1989in accordance with the determination of the Department under this subdivision.The amount to be refunded to each stock carrier shall be in proportion to thecontributions paid in by each stock carrier. The Department shall, as nearly aspracticable, determine this amount under generally accepted accounting principlesand the determination of the Department shall be final and not subject toappeal.

(3)        Should the balanceof the moneys in the Stock Reserve Account be reduced to less than one and one‑halftimes the contingent liabilities of the account, the Association shall assessall member insurers that are stock carriers writing workers' compensation inthis State at the time of the assessment in an amount equivalent to one and one‑halftimes the contingent liabilities of said account. The assessment under thissubdivision shall be made in accordance with the provisions of G.S. 58‑48‑35(a)(3).(1991 (Reg. Sess., 1992), c. 802, s. 8.)