IN 1969, THE NORTH CAROLINA GENERAL ASSEMBLY ESTABLISHED THE ASSOCIATION AS A MARKET OF LAST RESORT TO PROVIDE PROPERTY INSURANCE IN THE BEACH AND COASTAL AREAS OF NORTH CAROLINA FOR INDIVIDUALS AND BUSINESSES WHO ARE UNABLE TO BUY IT IN THE STANDARD INSURANCE MARKET. ALL PROPERTY AND CASUALTY INSURANCE COMPANIES DOING BUSINESS IN NORTH CAROLINA ARE REQUIRED BY STATUTE TO PARTICIPATE IN FUNDING THE OPERATIONS OF THE ASSOCIATION, AND THEY SHARE IN ITS LOSSES ON PRO RATA BASIS. THE ASSOCIATION IS NOT AN AGENCY OF THE STATE GOVERNMENT, BUT ITS REGULATED BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE.
Executive compensation
Form 990 · Schedule J · 8 reported individuals · Filing year 2023
| Base salary | Executive compensation | |
|---|---|---|
Chief Claims Officer key employee $49k | ||
Chief Information Officer chief information officer $47k | ||
Director of IT (To Mar '23) chief information officer $46k | ||
Director of IT (From Apr '23) chief information officer $32k | ||
Director of Human Resources highest compensated employee $31k | ||
Director of Claims highest compensated employee $26k | ||
Plus 17 unpaid individuals.
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