GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2005
SESSION LAW 2005-242
HOUSE BILL 1236
AN ACT to replace the alliance of american insurers and national association of independent insurers with the property casualty insurers association of america and one insurer from the industry at large selected by the insurer company members of the Board as trade association members which must be represented on the board of governors of the north carolina reinsurance facility.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 58-37-35(d) reads as rewritten:
"(d) The Facility shall be
administered by a Board of Governors. The Board of Governors shall consist of
12 members having one vote each from the classifications specified in this
subsection and the Commissioner, who shall serve ex officio without vote. Each
Facility insurance company member serving on the Board shall be represented by
a senior officer of the company. Not more than one company in a group under the
same ownership or management shall be represented on the Board at the same
time. Five members of the Board shall be selected by the member insurers, which
members shall be fairly representative of the industry. To insure
representative member insurers, one each shall be selected from the following
trade associations: following: the American Insurance Association
(or its successors), the Alliance of American Insurers (or its successors),
the National Association of Independent Insurers (or its successors), the
Property Casualty Insurers Association of America (or its successors), stock
insurers not affiliated with those trade associations, nonstock insurers not
affiliated with those trade associations, and the industry at large regardless
of trade affiliation. The at-large insurer shall be selected by the insurer
company members of the Board. all other stock insurers not affiliated
with those trade associations, and all other nonstock insurers not affiliated
with those trade associations. The Commissioner shall appoint two members of
the Board who are Facility insurance company members domiciled in this State.
The Commissioner shall appoint five members of the Board who shall be fire and
casualty insurance agents licensed in this State and actively engaged in
writing motor vehicle insurance in this State. The initial term of
office of the Board members shall be two years. Following completion of
initial terms, successors to the members of the original Board of Governors
shall be selected to serve three years. All members of the Board of
Governors shall serve until their successors are selected and qualified and the
Commissioner may fill any vacancy on the Board from any of the classifications
specified in this subsection until the vacancies are filled in accordance with
this Article. The Board of Governors of the Facility shall also have as
nonvoting members two persons who are not employed by or affiliated with any
insurance company or the Department and who are appointed by the Governor to
serve at the Governor's pleasure."
SECTION 2. This act becomes effective October 1, 2005.
In the General Assembly read three times and ratified this the 18th day of July, 2005.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 2:15 p.m. this 29th day of July, 2005