NU Online News Service, Jan. 27, 8:59 a.m. EST
The North Carolina Insurance Underwriting Association, better known as the Beach Plan, must get back nearly $16.5 million it doled out to member insurance companies in 2009.
Insurance Commissioner Wayne Goodwin said the state Department of Insurance (DOI) examined the Beach Plan's distributions to member insurers and found that they were not in compliance with state laws implemented in August 2009, which state the accumulated surplus of the Beach Plan must be retained from year-to-year for costs related to paying losses, buying insurance, and operating expenses.
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