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STATE EX REL. INGRAM v. RESERVE INS. CO.

No. 113.

281 S.E.2d 16 (1981)

STATE of North Carolina, On Relation of John Randolph INGRAM, Commissioner of Insurance of North Carolina, Plaintiff, v. RESERVE INSURANCE COMPANY, Defendant, and North Carolina Insurance Guaranty Association, Third-Party Plaintiff, and Philip R. O'Connor, as Director of Insurance of the State of Illinois and as Domiciliary Receiver of Reserve Insurance Company, Third-Party Defendant, and Robert P. Binkley, Benjamin T. Simmons, Jr., Wallace Graham Getchell, and Arnold England, Individually and as Representative of the Policyholders of Reserve Insurance Company Who Are Citizens or Residents of North Carolina or Who Hold Policies Issued Upon Property in North Carolina, and Carolina Insurance Service, Inc., Third-Party Plaintiffs.

Supreme Court of North Carolina.

August 17, 1981.

Attorney(s) appearing for the Case

Rufus L. Edmisten, Atty. Gen. by Richard L. Griffin, Asst. Atty. Gen., for State of North Carolina ex rel. Commissioner of Insurance, plaintiff-appellant.

Craige, Brawley, Liipfert & Ross by Cowles Liipfert, C. Thomas Ross and Terrie A. Davis, Winston-Salem, for Carolina Ins. Service, Inc., Robert P. Binkley, Benjamin T. Simmons, Jr., Wallace Graham Getchell and Arnold England and the North Carolina policyholders of Reserve Ins. Co., third-party plaintiffs-appellants.

Allen, Steed & Allen, P. A. by Arch T. Allen, III, and Ann Hogue Pappas, Raleigh, for North Carolina Ins. Guaranty Association, third-party plaintiff-appellee.

HUSKINS, Justice:

This case involves construction of G.S. 58-155.60, the "Quick Access" statute, and whether it applies retroactively to divest the lien of North Carolina policyholders of Reserve, whose policies were issued before the statute was enacted into law, in certain securities deposited by Reserve to cover claims in the event of its default. We conclude the statute can be applied constitutionally to the present case.

Before we explain the effect of...

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