Bill Summary for S 321 (2011-2012)
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Summary date:
May 3 2011
S.L. 2011-120
Bill Information:
| View NCGA Bill Details | 2011-2012 Session |
TO CONFORM PROVISIONS OF NORTH CAROLINA SURPLUS LINES INSURANCE LAWS TO THE FEDERAL NONADMITTED AND REINSURANCE REFORM ACT OF 2010, TO STREAMLINE APPLICATIONS FOR COMMERCIAL PURCHASERS, AND TO PREVENT ANY LOSS OF PREMIUM TAX REVENUE TO THE STATE.Intro. by Apodaca.
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Bill summary
Senate committee substitute makes the following changes to 2nd edition.
Amends proposed GS 58-21-4 to include the collection of the premium tax under GS 58-21-85 among the ministerial functions for which the Commissioner of Insurance may contract with nongovernmental entities. Permits the NAIC or other entity with whom the Commissioner contracts to charge a reasonable fee to the insurer, insured, or other appropriate person for the functions performed. Directs the Revenue Laws Study Committee to study the potential impact of a state compact in a nonadmitted insurance multistate agreement, as detailed, and requires reporting to the 2012 General Assembly.