Amends GS 58-22-15 (pertaining to risk retention groups chartered in the State) to enact new subsection authorizing the Insurance Commissioner (Commissioner) to examine any risk retention group when the Commissioner deems it reasonable and prudent. Requires the Commissioner to coordinate the exam with any other examining bodies to avoid repetition and to conduct the examination expeditiously and in line with the Examiner Handbook of the National Association of Insurance Commissioners (NAIC). Stipulates that the examination costs are the responsibility of the examined risk retention group.
Reduces the tax on premiums paid to risk retention groups not chartered in NC from 5% (the amount surplus lines insurance premiums are taxed under GS 58-21-85) to 1.85%. Amends GS 105-228.4A(g) (pertaining to tax on captive insurance companies) to remove the requirement that a foreign captive insurance company redomesticate to North Carolina by December 31, 2022, in order to take advantage of the premium tax exemption for the year the redomestication occurs and the year after. Extends the expiration date of the tax exemption to taxable years beginning on or after January 1, 2025. (Currently, expires January 1, 2024.)
Effective October 1, 2023.
CAPTIVE INSURANCE REVISIONS.
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View NCGA Bill Details | 2023-2024 Session |
AN ACT TO REVISE STATUTES RELATED TO CAPTIVE INSURANCE.Intro. by Johnson, Perry, Sawrey.
Status: Ref To Com On Rules, Calendar, and Operations of the House (House action) (May 3 2023)
Bill History:
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Thu, 16 Mar 2023 Senate: Filed
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Mon, 20 Mar 2023 Senate: Passed 1st Reading
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Mon, 20 Mar 2023 Senate: Ref To Com On Rules and Operations of the Senate
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Tue, 21 Mar 2023 Senate: Withdrawn From Com
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Tue, 28 Mar 2023 Senate: Reptd Fav
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Tue, 28 Mar 2023 Senate: Re-ref Com On Finance
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Tue, 25 Apr 2023 Senate: Reptd Fav
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Tue, 25 Apr 2023 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 26 Apr 2023 Senate: Reptd Fav
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Thu, 27 Apr 2023 Senate: Passed 2nd Reading
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Thu, 27 Apr 2023 Senate: Passed 3rd Reading
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Tue, 2 May 2023 Senate: Regular Message Sent To House
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Tue, 2 May 2023 House: Regular Message Received From Senate
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Wed, 3 May 2023 House: Passed 1st Reading
S 319
Bill Summaries:
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Bill S 319 (2023-2024)Summary date: Mar 16 2023 - View Summary
View: All Summaries for Bill