AN ACT TO REVISE VARIOUS INSURANCE LAWS IN ORDER TO MAINTAIN NAIC ACCREDITATION, AS RECOMMENDED BY THE DEPARTMENT OF INSURANCE.
House committee substitute to the 1st edition makes the following changes.
Modifies the activities the Commissioner of Insurance of North Carolina (Commissioner) may undertake in acting as the supervisor for an internationally active insurance group under proposed GS 58-19-38. Allows the Commissioner to enter into agreement with or obtain documentation from any insurer registered under GS 58-19-25, any member of the insurance group, and any other state, federal, and international regulatory agencies for members of the insurance group, to clarify the Commissioner's role (previously provided for requesting documents or entering into such agreements).
Specifies that a registered insurer subject to the proposed statute is liable for and must pay the reasonable expenses of the Commissioner's participation in the administration of the statute.
Makes technical changes to proposed GS 58-10-755 and GS 58-10-780.
Eliminates the severability clause and effective date (was January 1, 2020) statutes in proposed Part 11, Corporate Governance Annual Disclosure, Article 11, GS Chapter 58. Instead, provides an uncodified severability clause for the provisions of Section 3 of the act, excluding proposed GS 58-10-780, and establishes an uncodified effective date for Section 3, identical to the statute eliminated (providing for an effective date of January 1, 2020; with the first filing of the CGAD to be made on or before June 1, 2020). Makes conforming changes to the act's effective date provisions.
Makes technical changes to the proposed changes to GS 58-58-50, amending the definition of company.
© 2022 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.