North Carolina Insurance Guaranty Association

Assess member companies for amounts necessary to pay expenses of handling covered claims; refund member companies excess amounts previously assessed.per north carolina general statutes of chapter 58, article 36, one of the north carolina insurance guaranty association's responsibilities is to provide a "an association to assess the loss of (insurer insolvencies) among insurers". To accomplish this, the governing board will review operating expenses and covered claims costs to determine if a new assessment is necessary to cover expenses, or if a refund of a prior assessment is permissible. Any assessments are borne by the guaranty association's member insurance companies in proportion to net direct written premiums.during calendar year 2024, the guaranty association's board of directors assessed member insurers $9,800,000 and approved refunds of $13,237,716.