Bill Summaries: H473 NC CAPTIVE INSURANCE ACT.

Tracking:
  • Summary date: Jun 24 2013 - More information

    AN ACT TO ENACT THE NORTH CAROLINA CAPTIVE INSURANCE ACT. Enacted June 19, 2013. Effective July 1, 2013, if funds are appropriated for the 2013-15 fiscal biennium to provide the Department of Insurance with regulatory staff and resources to license and regulate captive insurance companies. If no funds are appropriated, then the act is not effective until July 1 of a year the General Assembly appropriates funds to implement it.

     

     


  • Summary date: Jun 6 2013 - More information

    Senate amendment makes the following change to the 6th edition. Makes a technical correction replacing a reference to GS 97-90 with GS 97-190.


  • Summary date: Jun 5 2013 - More information

    Senate committee substitute to the 5th edition makes the following changes. Amends GS 58-10-335 to provide that the purpose of Part 9 is to establish procedures for the organization and regulation of the operations of captive insurance companies transacting insurance business in the state (was, captive insurance companies in the state).

    Amends GS 58-10-345 to provide that any captive insurance company may apply for a license to do any and all insurance comprised in GS 58-7-15 (was, limited to those comprised in subdivisions (1) through (16) and (19) through (22) of GS 58-7-15).


  • Summary date: May 14 2013 - More information

    House amendment makes the following change to the 4th edition:

     Amends GS 105-228.4A(d) to add language providing that the tax on assumed reinsurance premiums is not payable in connection with the exchange of assets and liabilities between insurers if both insurers are under common control and the Commissioner of Insurance verifies that the exchange is part of a plan to cease operations of one insurer and the insurers' intent is to renew/maintain business with the captive insurance company.


  • Summary date: May 9 2013 - More information

    House committee substitute to the 3rd edition makes the following changes. Amends proposed GS 58-10-455 to delete the specified taxation provisions and instead provides that a captive insurance company is taxed according to Article 8B of GS Chapter 105. Adds the term captive insurance company to GS 105-228.3. Enacts new GS 105-228.4A to levy taxes on a captive insurance company. Provides that captive insurance companies subject to the tax levied under the section are not subject to franchise taxes, income taxes, local privilege taxes, local taxes based on gross premiums, or the insurance regulator charge imposed by GS 58-6-25. Sets out the tax rate to be applied to assumed reinsurance premiums and the rates for tax on direct premiums. Sets both the floor and cap on the total tax liability. Sets out further requirements for the taxation of a captive insurance company that is a special purpose financial captive if it is under common ownership and control with one or more other captive insurance companies. Makes conforming changes to GS 105-228.5 and GS 58-6-25.


  • Summary date: May 1 2013 - More information

    House committee substitute makes the following changes to the 2nd edition.

    Amends GS 58-10-345(c) and (d), deleting the term "an acknowledgement letter" (the document issued upon the filing of organizational documents) and replacing it with "a certificate of filing."

    Provides for a new GS 58-10-345(f)(3), establishing that organizational documents filed with the Secretary of State will continue to be non-confidential pubic records in the Secretary's office and will not be considered as confidential pursuant to the provisions of GS 58-10-345(f).

    Amends GS 58-10-380(k)(2), to require the company to file, at the time of filing of its election, articles of conversion (was, amended and restated articles of incorporation), including articles of incorporation.


  • Summary date: Apr 24 2013 - More information

    House committee substitute makes the following changes to the 1st edition. Amends proposed GS 58-10-485 to delete the requirement that monetary penalties collected under the statute be deposited into the Captive Insurance Regulatory Fund.

    Changes the number of proposed GS 58-10-570 to GS 58-10-650.


  • Summary date: Mar 28 2013 - More information

    Identical to S 476, filed 3/27/13.


© 2021 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view