§ 58‑5‑63. Interest; liquidation of deposits for liabilities.
(a) All insurancecompanies making deposits under this Article are entitled to interest on thosedeposits. The right to interest is subject to a company paying its insurancepolicy liabilities. If any company fails to pay those liabilities, interestaccruing after the failure is payable to the Commissioner for the payment ofthose liabilities under subsection (b) of this section.
(b) If any companyfails to pay its insurance policy liabilities after those liabilities have beenestablished by settlement or final adjudication, the Commissioner may liquidatethe amount of the company's deposit and accrued interest specified insubsection (a) of this section that will satisfy the company's policy liabilitiesand make payment to the person to whom the liability is owed. After payment hasbeen made, the Commissioner may require the company to deposit the amount paidout under this subsection. As used in this section, "insurancepolicy" includes a policy written by a surety bondsman under Article 71 ofthis Chapter.
(c) Notwithstanding theprovisions of G.S. 58‑5‑70, if any company that is or has been thesubject of supervision or rehabilitation proceedings fails to pay itsliabilities for temporary disability payments or emergency medical expensesunder policies of workers' compensation insurance, the Commissioner shallliquidate the company's deposits and accrued interest and shall use theproceeds to pay such liabilities until that company becomes the subject of afinal order of liquidation with a finding of insolvency that has not beenstayed or been the subject of a writ of supersedeas or other comparable order.The Commissioner also may enter into one or more contracts to handle theadministration of the identification and payment of such liabilities, and tothe extent such a contract is entered into, the contractor and its employees,agents, and attorneys, shall have immunity of the same scope and extent as anemployee of the State acting in the course and scope of the public duties ofsuch employment. After an order of liquidation with a finding of insolvency hasbeen entered by a court of competent jurisdiction that has not been stayed orbeen the subject of a writ of supersedeas or other comparable order, then thebalance of the proceeds, if any, shall be delivered to the North CarolinaInsurance Guaranty Association in accordance with G.S. 58‑48‑95. Tothe extent that any payment made hereunder reduces the ratable amount payableto policyholders under G.S. 58‑5‑70, the liens obtained by theNorth Carolina Insurance Guaranty Association pursuant to Article 48 of thisChapter shall be reduced to such extent as necessary to permit thepolicyholders to be paid the ratable share that would have been due but forsuch payments. (1995,c. 193, s. 11; 1999‑294, s. 8; 2001‑223, s. 23.2; 2002‑185,s. 8.)
§ 58‑5‑63. Interest; liquidation of deposits for liabilities.
(a) All insurancecompanies making deposits under this Article are entitled to interest on thosedeposits. The right to interest is subject to a company paying its insurancepolicy liabilities. If any company fails to pay those liabilities, interestaccruing after the failure is payable to the Commissioner for the payment ofthose liabilities under subsection (b) of this section.
(b) If any companyfails to pay its insurance policy liabilities after those liabilities have beenestablished by settlement or final adjudication, the Commissioner may liquidatethe amount of the company's deposit and accrued interest specified insubsection (a) of this section that will satisfy the company's policy liabilitiesand make payment to the person to whom the liability is owed. After payment hasbeen made, the Commissioner may require the company to deposit the amount paidout under this subsection. As used in this section, "insurancepolicy" includes a policy written by a surety bondsman under Article 71 ofthis Chapter.
(c) Notwithstanding theprovisions of G.S. 58‑5‑70, if any company that is or has been thesubject of supervision or rehabilitation proceedings fails to pay itsliabilities for temporary disability payments or emergency medical expensesunder policies of workers' compensation insurance, the Commissioner shallliquidate the company's deposits and accrued interest and shall use theproceeds to pay such liabilities until that company becomes the subject of afinal order of liquidation with a finding of insolvency that has not beenstayed or been the subject of a writ of supersedeas or other comparable order.The Commissioner also may enter into one or more contracts to handle theadministration of the identification and payment of such liabilities, and tothe extent such a contract is entered into, the contractor and its employees,agents, and attorneys, shall have immunity of the same scope and extent as anemployee of the State acting in the course and scope of the public duties ofsuch employment. After an order of liquidation with a finding of insolvency hasbeen entered by a court of competent jurisdiction that has not been stayed orbeen the subject of a writ of supersedeas or other comparable order, then thebalance of the proceeds, if any, shall be delivered to the North CarolinaInsurance Guaranty Association in accordance with G.S. 58‑48‑95. Tothe extent that any payment made hereunder reduces the ratable amount payableto policyholders under G.S. 58‑5‑70, the liens obtained by theNorth Carolina Insurance Guaranty Association pursuant to Article 48 of thisChapter shall be reduced to such extent as necessary to permit thepolicyholders to be paid the ratable share that would have been due but forsuch payments. (1995,c. 193, s. 11; 1999‑294, s. 8; 2001‑223, s. 23.2; 2002‑185,s. 8.)
§ 58‑5‑63. Interest; liquidation of deposits for liabilities.
(a) All insurancecompanies making deposits under this Article are entitled to interest on thosedeposits. The right to interest is subject to a company paying its insurancepolicy liabilities. If any company fails to pay those liabilities, interestaccruing after the failure is payable to the Commissioner for the payment ofthose liabilities under subsection (b) of this section.
(b) If any companyfails to pay its insurance policy liabilities after those liabilities have beenestablished by settlement or final adjudication, the Commissioner may liquidatethe amount of the company's deposit and accrued interest specified insubsection (a) of this section that will satisfy the company's policy liabilitiesand make payment to the person to whom the liability is owed. After payment hasbeen made, the Commissioner may require the company to deposit the amount paidout under this subsection. As used in this section, "insurancepolicy" includes a policy written by a surety bondsman under Article 71 ofthis Chapter.
(c) Notwithstanding theprovisions of G.S. 58‑5‑70, if any company that is or has been thesubject of supervision or rehabilitation proceedings fails to pay itsliabilities for temporary disability payments or emergency medical expensesunder policies of workers' compensation insurance, the Commissioner shallliquidate the company's deposits and accrued interest and shall use theproceeds to pay such liabilities until that company becomes the subject of afinal order of liquidation with a finding of insolvency that has not beenstayed or been the subject of a writ of supersedeas or other comparable order.The Commissioner also may enter into one or more contracts to handle theadministration of the identification and payment of such liabilities, and tothe extent such a contract is entered into, the contractor and its employees,agents, and attorneys, shall have immunity of the same scope and extent as anemployee of the State acting in the course and scope of the public duties ofsuch employment. After an order of liquidation with a finding of insolvency hasbeen entered by a court of competent jurisdiction that has not been stayed orbeen the subject of a writ of supersedeas or other comparable order, then thebalance of the proceeds, if any, shall be delivered to the North CarolinaInsurance Guaranty Association in accordance with G.S. 58‑48‑95. Tothe extent that any payment made hereunder reduces the ratable amount payableto policyholders under G.S. 58‑5‑70, the liens obtained by theNorth Carolina Insurance Guaranty Association pursuant to Article 48 of thisChapter shall be reduced to such extent as necessary to permit thepolicyholders to be paid the ratable share that would have been due but forsuch payments. (1995,c. 193, s. 11; 1999‑294, s. 8; 2001‑223, s. 23.2; 2002‑185,s. 8.)
