Bill Summary for H 262 (2015-2016)

Summary date: 

Apr 21 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 262 (Public) Filed Tuesday, March 17, 2015
AN ACT TO MODERNIZE THE SURPLUS LINES ACT BY INCLUDING ALIEN INSURERS IN THE DEFINITION OF AN ELIGIBLE SURPLUS LINES INSURER, BY REPEALING COUNTERSIGNING REQUIREMENTS, AND BY PROVIDING GREATER FLEXIBILITY FOR THE MANNER OF COLLECTION AND REFUND OF THE SURPLUS LINES TAX.
Intro. by Pendleton, Tine, Setzer.

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Bill summary

House committee substitute makes the following changes to the 1st edition.

Amends GS 58-21-35(a) to allow a surplus lines licensee to file the required report with the appropriate stamping office, in addition to also filing information with the Commissioner.

Amends GS 58-21-40, making technical and conforming changes.

Amends GS 58-21-65(c) concerning licensing of surplus lines licensees, deleting a requirement that nonresident surplus lines licensees must be licensed under GS Chapter 58, Article 33, Licensing of Agents, Brokers, Limited Representatives and Adjusters. Makes conforming changes.

Makes conforming changes to the catch line of GS 58-21-70 to read Surplus lines licensees may accept business from other agents or brokers. 

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