Bill Summary for S 647 (2011-2012)

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Summary date: 

Jun 19 2012
S.L. 2012-161

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 647 (Public) Filed Monday, April 18, 2011
TO PROVIDE FOR THE CREATION OF MUTUAL INSURANCE HOLDING COMPANIES.
Intro. by Rucho.

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Bill summary

House committee substitute makes the following changes to 2nd edition.
Deletes provision in proposed GS 58-10-300 (special financial requirements) that exempted mutual insurance holding companies’ investments in subsidiaries from the restrictions on investment activities in GS 59-19-10. Adds a section, amending GS 58-31-40, to direct the Commissioner of Insurance to examine every state property for fire safety as often as required by NC Building Code Council fire code (previously required examination at least once a year). Makes a conforming change to the bill title.