North Carolina S269 revises the Insurance Guaranty Association Act to clarify obligations and rights of the Association regarding covered claims.
North Carolina S269 revises the Insurance Guaranty Association Act to clarify the obligations and rights of the Association regarding covered claims. The bill specifies that the Association is not bound by settlements, releases, compromises, or waivers executed within 120 days prior to an order of liquidation, or those based on default, fraud, collusion, or failure to defend. The Association has the right to contest such settlements, releases, compromises, or waivers.
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