Bill Summary for S 476 (2013-2014)

Summary date: 

May 6 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 476 (Public) Filed Wednesday, March 27, 2013
A BILL TO BE ENTITLED AN ACT TO ENACT THE NORTH CAROLINA CAPTIVE INSURANCE ACT.
Intro. by Meredith, Apodaca.

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Bill summary

Senate amendment makes the following changes to the 3rd edition.

Amends subdivision (c)(1) of GS 58-10-345, regarding a business entity seeking a license to do business in this state as a captive insurance company, and amends subsection (d), regarding a captive insurance company desiring to amend its organizational documents to delete the phrases "an acknowledgement letter" and "acknowledgement letter"each time they appear and replace them with "a certificate of filing"or "certificate of filing," respectively. Amends subsection (f) to add a new subdivision (3), providing that organizational documents that are filed with the Secretary of State (Secretary)continue to be non-confidential public records in the Secretary's office.

Amends GS 58-10-380(k), to require that at the time acompany organized as a stock insurer files an election for conversion to a nonprofit corporation, itmust file articles of conversions (was, amended and restated articles of incorporation)including articles of incorporation consistent withnew Part 9and all other applicable state lawswith the Commissioner of Insurance andthe Secretary.

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