Bill Summary for S 326 (2023-2024)

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Summary date: 

Mar 16 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
Senate Bill 326 (Public) Filed Thursday, March 16, 2023
AN ACT TO FUND THE NORTH CAROLINA FIREFIGHTER CANCER INSURANCE PROGRAM WITHIN THE DEPARTMENT OF INSURANCE BY AMENDING THE CURRENT PERCENTAGE DISTRIBUTION OF THE GROSS PREMIUM ASSESSMENT AND TO SET RETAINED EARNING LIMITS FOR THE VOLUNTEER SAFETY WORKERS' COMPENSATION FUND.
Intro. by Johnson, Perry, Barnes.

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Bill summary

Amends GS 105-228.5(d)(3) to change the distribution of certain amounts of net proceeds from the additional .74% tax on gross premiums from property coverage contracts as follows.  In addition to other allocations, now allocates up to 20% of the net proceeds credited to the Department of Insurance (Department) to be used to fund the provisions of the Firefighter Cancer Insurance Program, with the balance of the 20% as determined in accordance with the provisions of GS 58-87-10(f) (calculations for the amount to meet the needs of the Workers’ Compensation Fund [WRC]) credited to the WRC. 

Amends GS 58-87-10(e) (revenue sources for the WRC) to require that when the retained earnings within the WRC reach $45 million, the excess amount at year’s end will be credited to the General Fund.  Makes conforming changes to account for the amendments to GS 105-228.5(d)(3).  Effective July 1, 2023.