Identical to H 575, filed 3/31/11.
Rewrites GS 66-373 (insurance policy requirements for service agreements) to provide that in lieu of complying with current provisions of the section, the company or person may maintain a funded reserve account of not less than 40% of gross consideration received, less claims paid, on the sale of the service contract for all in-force contracts. The account is subject to examination and review by the Commissioner of Insurance on request. Effective July 1, 2011.
SERVICE AGREEMENTS/ALLOW RESERVE ACCOUNT.
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| View NCGA Bill Details | 2011-2012 Session |
TO PROVIDE THAT IN LIEU OF CONTRACTUAL LIABILITY INSURANCE, SERVICE CONTRACT PROVIDERS MAY MAINTAIN A FUNDED RESERVE ACCOUNT FOR ITS OBLIGATIONS UNDER SERVICE CONTRACTS ISSUED AND OUTSTANDING IN THIS STATE.Intro. by Vaughan.
Status: Ref to Commerce. If fav, re-ref to Finance (Senate Action) (Apr 20 2011)
Bill History:
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Tue, 19 Apr 2011 Senate: Filed
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Wed, 20 Apr 2011 Senate: Passed 1st Reading
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Wed, 20 Apr 2011 Senate: Ref to Commerce. If fav, re-ref to Finance
S 651
Bill Summaries:
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Bill S 651 (2011-2012)Summary date: Apr 19 2011 - View Summary
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