§ 58-91-60. Finance.
§ 58‑91‑60. Finance.
(a) The Commissionshall pay or provide for the payment of the reasonable expenses of itsestablishment and organization. To fund the cost of its initial operations, theCommission may accept contributions and other forms of funding from theNational Association of Insurance Commissioners, compacting states, and othersources. Contributions and other forms of funding from other sources shall beof such a nature that the independence of the Commission concerning theperformance of its duties shall not be compromised.
(b) The Commissionshall collect a filing fee from each insurer and third‑party filer filinga product with the Commission to cover the cost of the operations andactivities of the Commission and its staff in a total amount sufficient tocover the Commission's annual budget.
(c) The Commission'sbudget for a fiscal year shall not be approved until it has been subject tonotice and comment as set forth in G.S. 58‑91‑35.
(d) The Commissionshall be exempt from all taxation in and by the compacting states.
(e) The Commissionshall not pledge the credit of any compacting state, except by and with theappropriate legal authority of that compacting state.
(f) The Commissionshall keep complete and accurate accounts of all its internal receipts,including grants and donations, and disbursements of all funds under itscontrol. The internal financial accounts of the Commission shall be subject tothe accounting procedures established under its bylaws. The financial accountsand reports, including the system of internal controls and procedures of theCommission, shall be audited annually by an independent certified publicaccountant. Upon the determination of the Commission, but no less frequentlythan every three years, the review of the independent auditor shall include amanagement and performance audit of the Commission. The Commission shall makean annual report to the Governor and legislature of the compacting states,which shall include a report of the independent audit. The Commission'sinternal accounts shall not be confidential, and those materials may be sharedwith the commissioner of any compacting state upon request except that any workpapers related to any internal or independent audit and any informationregarding the privacy of individuals and insurers' proprietary information,including trade secrets, shall remain confidential.
(g) No compacting stateshall have any claim to or ownership of any property held by or vested in theCommission or to any Commission funds held pursuant to the provisions of thisCompact. (2005‑183,s. 1; 2009-382, s. 35.)