Bill Summary for H 27 (2013-2014)
|View NCGA Bill Details||2013-2014 Session|
AN ACT TO PROVIDE THAT UNCLAIMED UNITED STATES SAVINGS BONDS SHALL ESCHEAT TO THE STATE, TO DIRECT THE TREASURER TO REDEEM THOSE UNITED STATES SAVINGS BONDS ESCHEATED TO THE STATE, TO CREATE AN ESCHEAT SAVINGS BOND TRUST FUND WITHIN THE ESCHEAT FUND FOR DEPOSIT OF THE PROCEEDS OF THOSE REDEMPTIONS, AND TO PROVIDE THAT INTEREST AND INVESTMENT EARNINGS FROM THE ESCHEAT SAVINGS BOND TRUST FUND SHALL BE USED TO FUND SCHOLARSHIPS TO WORTHY AND NEEDY STUDENTS WHO ARE RESIDENTS OF NORTH CAROLINA AND ARE ENROLLED IN PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN NORTH CAROLINA.Intro. by Howard, Hager, Torbett.
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House committee substitute makes the following changes to the 2nd edition.
Amends GS 105-228.5(d)(3), (concerning taxes measured by gross premiums), revising the allocation of the net proceeds of the additional tax on gross premiums on insurance contracts for property coverage as follows, 25% of the additional tax must be credited to the Volunteer Fire Department Fund (was, 30%) and 20% must be credited to the Department of Insurance for disbursement pursuant to GS 58-84-25 (was, 25%). Also provides that up to 20%, as determined in accordance with GS 58-87-10(f), must be credited to the Workers' Compensation Fund, with the remaining net proceeds credited to the General Fund (previously, 45% of the net proceeds to the Workers' Compensation Fund).
Amends GS 58-87-1, Volunteer Fire Department Fund, providing that up to 1% (was, 2%) of the Fund can be used for additional staff and resources to administer the Fund in each fiscal year.
Amends GS 58-84-25, Disbursement of funds by Insurance Commissioner, providing that the Insurance Commissioner (Commissioner) will deduct the sum of 1% (was, 2%) from the tax proceeds and retain the same in the budget of the Department of Insurance for the purpose of administering the disbursement of funds pursuant to GS 58-84-35.
Amends GS 58-87-10, Workers' Compensation Fund for the benefit of volunteer safety workers, providing that revenue is credited to the Workers' Compensation Fund from a portion of the proceeds of the tax levied under GS 105-228.5(d)(3) and from an assessment on local governments served by one or more eligible units as set forth in subsection (g) of this section.
Enacts new GS 58-87-10(f), providing that the Department of Insurance will conduct a periodic actuarial study to determine the amount required to meet the needs of the Fund. Sets out the form and shape of the study, providing that it will be reviewed by the Office of State Budget and Management. Directs the Office of State Budget and Management, with the Department of Insurance, to notify the Secretary of Revenue of the amount required to meet the needs of the Fund by March 1 of each year. The Secretary of Revenue will then remit that amount with specified limitations.
Enacts new GS 58-87-10(g), providing that if the amount remitted pursuant to the above section is not sufficient to meet the needs of the Fund, then the Department of Insurance will collect the remaining amount from units of local government, pursuant to a specified formula. The Department of Insurance must provide written notification to the units of local government of the amount required by the assessment no later than April 1 of each year. Units of local government then have 90 days to remit the assessment to the Department for deposit into the Fund.