AN ACT TO PROVIDE FOR THE OWNERSHIP OF INSURANCE COMPANIES BY CREDIT UNIONS. Summarized in Daily Bulletin 3/29/11 and 5/18/11. Enacted June 23, 2011. Effective October 1, 2011.
Summary date: Jun 30 2011 - View summary
Bill H 501 (2011-2012)Summary date: May 18 2011 - View summary
House committee substitute makes the following changes to 1st edition. Amends the title to AN ACT TO PROVIDE FOR THE OWNERSHIP OF INSURANCE COMPANIES BY CREDIT UNIONS. Makes a technical change.
Bill H 501 (2011-2012)Summary date: Mar 29 2011 - View summary
Amends GS 54-109.21(22), which is one of the listed powers of credit unions, to add that insurance for a credit union’s directors, officers, agents, employees, and members may be provided through any insurance company or through any subsidiary insurance company owned by the credit union. Makes the same change by enacting new GS 54-109.75(c). Makes a conforming change to GS 54-109.82, which concerns the investment of funds.
Adds credit union to the following statutes: GS 58-7-162(1), which lists allowable or admitted assets owned by an insurer; GS 58-7-172, which concerns cash and deposits of an insurer; and GS 58-7-173(14), which lists permitted insurer investments.
Effective October 1, 2011.