Bill Summary for H 383 (2017-2018)
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Summary date:
Jun 27 2017
S.L. 2017-136
Bill Information:
| View NCGA Bill Details | 2017-2018 Session |
AN ACT TO MAKE CERTAIN CHANGES TO THE NORTH CAROLINA INSURANCE LAWS REGARDING OWN RISK AND SOLVENCY ASSESSMENTS AND CREDIT FOR REINSURANCE IN ACCORDANCE WITH MODEL ACTS OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS, AS RECOMMENDED BY THE NORTH CAROLINA DEPARTMENT OF INSURANCE, AND TO IMPLEMENT REVISED MODEL REGULATIONS OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS GOVERNING RECOMMENDATIONS MADE TO CONSUMERS REGARDING THE PURCHASE OR EXCHANGE OF ANNUITIES.Intro. by Setzer, Bumgardner, Henson, Destin Hall.
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Bill summary
House amendment makes the following changes to the 2nd edition.
Modifies proposed amendment to GS 58-7-21 (Credit allowed a domestic ceding insurer). Amends the proposed requirements for a group including incorporated and individual unincorporated underwriters to require a trust for reinsurance ceded under reinsurance agreements with an inception, amendment, or renewal date on or after August 1, 1995, to consist of the respective underwriters' several liabilities (was, several insurance and reinsurance liabilities) attributable to business ceded by US domiciled ceding insurers to any underwriter in the group.