AN ACT TO MAKE VARIOUS CHANGES RELATED TO REAL ESTATE TITLE INSURANCE COMPANIES AND TO AMEND THE DEPOSIT REQUIRED OF PROFESSIONAL BAILBONDSMEN ACTING AS SURETIES ON BAIL BONDS. Enacted June 22, 2018. Section 3 is effective June 22, 2018. The remainder is effective October 1, 2018.
Bill Summaries: S 140 TITLE INS. REV/BAILBONDSMEN DEPOSITS (NEW).
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Bill S 140 (2017-2018)Summary date: Jun 25 2018 - View Summary
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Bill S 140 (2017-2018)Summary date: Jun 13 2018 - View Summary
House committee substitute rewrites the 2nd ed. entirely and makes conforming changes to the bill title. Amends GS 58-26-1(b1) to clarify that deposits by foreign and domestic insurance companies are subject to the same requirements that govern those of stock casualty companies. Effective October 1, 2018.
Amends GS 58-26-25 by deleting subsections (a), (b), (c), and (d), and adding a new subsection (a1) to require domestic title instance companies to establish and maintain a minimum premium reserve of $0.17 for $1,000 of net retained liability for each title insurance policy. Defines net retained liability as total liability for a single risk minus ceded liability. Establishes formula for release of premium reserve in equal quarterly amounts over a 20-year period. Adds new subsection (b1) requiring that amounts held in premium reserves in excess of the amount required under the new subsection (a1) as of December 31, 2018, shall be released to net profits. Makes technical conforming changes throughout the statute. Effective October 1, 2018.
Repeals GS 58-26-31 (governing premium reserves held in trust or as a deposit) and GS 58-26-35 (requiring maintenance of a premium reserve fund). Effective October 1, 2018.
Amends GS 58-71-145 by changing the deposit requirement for professional bondsmen acting as sureties on bail bonds from one-eighth to one-twelfth the amount of all bonds on which the bondsman is liable as of the first day of each month.
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Bill S 140 (2017-2018)Summary date: Jun 12 2018 - View Summary
House committee substitute is to be summarized.
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Bill S 140 (2017-2018)Summary date: Apr 4 2017 - View Summary
Senate amendment makes the following change to the 1st edition:
Includes lands and waters within Chimney Rock State Park as of May 2, 2017 (current law May 6, 2014, 1st edition April 4, 2017), within the State Nature and Historic Preserve.
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Bill S 140 (2017-2018)Summary date: Feb 28 2017 - View Summary
Amends GS 143-260.10 to modify the components of the State Nature and Historic Preserve accepted by the General Assembly pursuant to GS 143-260.8 to include all lands and waters within the boundaries of Chimney Rock State Park as of April 4, 2017 (was, May 6, 2014). Excepts from those boundaries of Chimney State Park the communications tower site on Chimney Rock Mountain located as described in Rutherford County to allow the State to provide space at the communications tower site to State public safety, emergency management, local governments in Rutherford County, and public television agencies for the placement of antennas, repeaters, and other communications devices for public communications purposes. Allows State agencies and local governments authorized under this subdivision to also locate at or near the communications tower site communications equipment necessary for the operation of the communications devices. Authorizes the use of the communications tower site under this subdivision as a purpose other than the public purposes specified in Section 5 of Article XIV of the Constitution (Conservation of natural resources), Article 25B of GS Chapter 143 (State Nature and Historic Preserve Dedication Act), and Article 2C of GS Chapter 113 (State Parks Act).