Bill Summary for S 326 (2023-2024)
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| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO MAKE PERMANENT THE FIREFIGHTERS' HEALTH BENEFITS PILOT PROGRAM AND TO RENAME IT THE FIREFIGHTERS' CANCER INSURANCE PROGRAM, TO MODIFY THE CURRENT PERCENTAGE DISTRIBUTION OF THE GROSS PREMIUMS TAX TO FUND THE PROGRAM, TO SET A MAXIMUM RESERVE FOR THE WORKERS' COMPENSATION FUND, AND TO PROVIDE AN ALTERNATIVE MEANS OF BACKGROUND CHECKS FOR FIREFIGHTING AND PREVENTION SERVICES APPLICANTS LIVING IN NORTH CAROLINA FOR LONGER THAN FIVE YEARSRESERVE FOR THE WORKERS' COMPENSATION FUND.Intro. by Johnson, Perry, Barnes.
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Bill summary
Amends GS 105-228.5(d)(3) to change the distribution of certain amounts of net proceeds from the additional .74% tax on gross premiums from property coverage contracts as follows. In addition to other allocations, now allocates up to 20% of the net proceeds credited to the Department of Insurance (Department) to be used to fund the provisions of the Firefighter Cancer Insurance Program, with the balance of the 20% as determined in accordance with the provisions of GS 58-87-10(f) (calculations for the amount to meet the needs of the Workers’ Compensation Fund [WRC]) credited to the WRC.
Amends GS 58-87-10(e) (revenue sources for the WRC) to require that when the retained earnings within the WRC reach $45 million, the excess amount at year’s end will be credited to the General Fund. Makes conforming changes to account for the amendments to GS 105-228.5(d)(3). Effective July 1, 2023.