GENERAL ASSEMBLY OF NORTH CAROLINA
1987 SESSION

CHAPTER 263
HOUSE BILL 1005

AN ACT TO EXPAND THE MEMBERSHIP OF THE LIABILITY INSURANCE TRUST FUND COUNCIL AND TO INCREASE ITS BORROWING AUTHORITY.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 116-220(c) reads as rewritten:
"(c)	The Board is authorized to create a Liability Insurance Trust Fund Council composed of not more than 13 members; one member each shall be appointed by the State Attorney General, the State Auditor, the State Insurance Commissioner, the Director of the Office of State Budget and Management, and the State Treasurer; the remaining members shall be appointed by the Board. Subject to all requirements and limitations of this Article and to any rules and regulations adopted by the Board under the terms of subsection (b) of this section, the Board may delegate to the Liability Insurance Trust Fund Council responsibility and authority for the administration of the self-insured liability insurance program and of the insurance trust accounts established pursuant to such program."
Sec. 2.  G.S. 116-220.1 reads as rewritten:
"(b)	Claims certified to be paid from the fund shall be paid in the  order of award or settlement. In the event that the fund created hereunder shall at any time have insufficient funds to assure that both existing and future claims will be paid, the Board is hereby authorized to borrow necessary amounts up to thirty million dollars ($30,000,000) per established self-insurance trust fund account to replenish the fund. The Board shall maintain funds in each self- insurance trust at no less than one hundred thousand dollars ($100,000) at all times."
Sec. 3.  This act is effective upon ratification.
In the General Assembly read three times and ratified this the 2nd day of June, 1987.