AN ACT to Expand the discretionary powers of the Insurance Guaranty Association to allow it to contract as a servicing facility for other entities.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 58‑48‑35(b) reads as rewritten:
"§ 58‑48‑35.  Powers and duties of the Association.
…
(b)	The Association may:
(1)	Employ or retain such persons as are necessary to handle claims and perform other duties of the Association.
(2)	Borrow funds necessary to effect the purposes of this Article in accord with the plan of operation.
(3)	Sue or be sued.
(4)	Negotiate and become a party to such contracts as are necessary to carry out the purpose of this Article.
(5)	Perform such other acts as are necessary or proper to effectuate the purpose of this Article.
(6)	Refund to the member insurers in proportion to the contribution of each member insurer to that account that amount by which the assets of the account exceed the liabilities if, at the end of any calendar year, the board of directors finds that the assets of the Association in any account exceed the liabilities of that account as estimated by the board of directors for the coming year.
(7)	Be designated or may contract as a servicing facility for any entity which may be recommended by the Association's board of directors and approved by the Commissioner of Insurance."
SECTION 2.  This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 10th day of June, 2009.

	s/	 Walter H. Dalton
	 President of the Senate

	s/	 Joe Hackney
	 Speaker of the House of Representatives

	s/	 Beverly E. Perdue
	 Governor

Approved 11:40 a.m. this 19th day of June, 2009