NC S306

Establishes a 5-year statute of repose for workers' compensation claims filed against the North Carolina Self-Insurance Security Association, barring claims filed more than 5 years after the court-established claims bar date in an insolvent self-insurer's proceedings

Authorizes the Association to require participating self-insurers to provide collateral (cash, certificates of deposit, surety bonds, or irrevocable letters of credit) as a precondition for continued participation in the Association Aggregate Security System, based on the self-insurer's financial condition

Expands grounds for excluding individual self-insurers from the Association Aggregate Security System to include those who fail to provide required collateral to the Association

Clarifies that workers' compensation liabilities covered under the Association Aggregate Security System are those "incurred while a member" of the Association

Updates and reformats statutory definitions in G.S. 97-130 and G.S. 97-165 related to self-insurance terminology, including adding new definitions for "Association," "collateral," and "member self-insurer"