AN ACT TO AUTHORIZE THE PLACEMENT AND ISSUANCE OF SALARY PROTECTION INSURANCE UNDER THE SURPLUS LINES ACT. Summarized in Daily Bulletin 3/23/11. Enacted June 27, 2011. Effective October 1, 2011.
Bill H 453 (2011-2012)Summary date: Jun 30 2011 - View summary
Bill H 453 (2011-2012)Summary date: Mar 23 2011 - View summary
Enacts new GS 58-21-22 to provide that the amount of salary protection insurance plus the amount of any in-force disability income insurance, if applicable, will not exceed 75% of the individual's earned income, when salary protection insurance benefits are payable to an individual or the individual's beneficiary. Defines disability income insurance. Amends GS 58-21-10 to define salary protection insurance as insurance against financial loss caused by the cessation of earned income due to disability from sickness, ailment, or bodily injury. Makes a clarifying change. Effective October 1, 2011.