North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 13 - AGENT SERVICES DIVISION - NON-INSURANCE ENTITIES
Section .0400 - MOTOR CLUBS
Section 13 .0408 - RESERVE TO BE MAINTAINED
Universal Citation: 11 NC Admin Code 13 .0408
Current through Register Vol. 39, No. 6, September 16, 2024
Each motor club shall maintain a constant reserve of assets, for the benefit of the motor club members who have paid membership fees in advance or when the motor club has a liability under any motor club membership. The reserve shall be maintained under such conditions and in such amounts as the Commissioner may reasonably require to assure the prompt payment of all just claims under any membership contract issued by the motor club.
Authority
G.S.
58-2-40;
58-69-20(5);
Eff. February 1, 1976;
Readopted Eff. January 1, 1978;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. June 25,
2016.
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