Bill Summary for S 670 (2013-2014)

Summary date: 

Apr 4 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 670 (Public) Filed Tuesday, April 2, 2013
A BILL TO BE ENTITLED AN ACT MODIFYING THE ALLOCATION OF THE PROCEEDS FROM THE GROSS PREMIUM TAX ON INSURANCE COMPANIES TO INCLUDE DEDICATED FUNDING FOR THE WORKERS' COMPENSATION FUND FOR THE BENEFIT OF VOLUNTEER SAFETY WORKERS.
Intro. by Tucker.

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Bill summary

Amends GS 105-228.5(d)(3) (concerning the additional rate on property coverage contracts) requiring an amount determined in accordance with GS 58-87-10(f) to be credited to the Workers' Compensation Fund. The remaining net proceeds must be credited to the General Fund.

Amends GS 58-87-10(e), changing the revenue source for the Workers' Compensation Fund as from a portion of the proceeds of the tax levied under GS 105-228.5(d)(3) rather than from appropriations made to the Department of Insurance.

Amends GS 58-87-10 adding subsection (f) specifying a funding method for the Workers' Compensation Fund. Requires the Department of Insurance to conduct a periodic actuarial study to determine the needs of the Fund. Further requires the study to be reviewed by the Office of State Budget and Management. The Office of State Budget and Management must consult with the Department of Insurance on an annual basis and notify the Secretary of Revenue of the amount needed to meet the needs of the Fund for the upcoming fiscal year based on the actuarial study, and that amount must be credited to the Fund.

Effective July 1, 2013.

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