Bill Summary for S 647 (2011-2012)

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Summary date: 

Jun 8 2011
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

Senate committee substitute, reported in on 6/7/11, makes the following changes to the 1st edition. Rewrites proposed GS 58-10-280 to require an applicant’s articles of incorporation or bylaws have a two-thirds majority (previously just a majority) of policy holder votes for reorganization. Creates new subsection (f) to proposed GS 58-10-285 to provide for an application fee of $250 for applicants filing a limited application, and a fee of $500 for applicants filing a standard application. Makes conforming change to proposed GS 58-10-285(b). Makes clarifying change to proposed GS 58-10-300(b). Makes other technical changes.