Bill Summary for H 440 (2017-2018)

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Summary date: 

Apr 19 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 440 (Public) Filed Wednesday, March 22, 2017
AN ACT TO CLARIFY OBLIGATIONS AND THE RELATIONSHIP BETWEEN A FEDERAL HOME LOAN BANK AND A NORTH CAROLINA INSURANCE COMPANY DURING THE CONSERVATORSHIP AND REHABILITATION PROCESS.
Intro. by Collins, Bradford, Rogers, Millis.

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Bill summary

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

Deletes proposed amendments to GS 58-13-15 (Definitions) and GS 58-13-20 (Exception).

Amends GS 58-7-163 (Assets not allowed). Provides that assets used as collateral to secure access to advances from a federal home loan bank are not considered encumbered to the extent the asset's par value exceeds the par amount of any outstanding obligations to the federal home loan bank, and those portions are not excluded in determining the financial condition of an insurer.