Bill Summary for H 575 (2011-2012)

Summary date: 

Mar 31 2011
S.L. 2011-222

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 575 (Public) Filed Thursday, March 31, 2011
TO PROVIDE THAT IN LIEU OF CONTRACTUAL LIABILITY INSURANCE, A SERVICE CONTRACT PROVIDER MAY MAINTAIN A FUNDED RESERVE ACCOUNT FOR ITS OBLIGATIONS UNDER SERVICE CONTRACTS ISSUED AND OUTSTANDING IN THIS STATE.
Intro. by Dockham.

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Bill summary

Rewrites GS 66-373 (insurance policy requirements for service agreements) to provide that in lieu of complying with current provisions of the section, the company or person may maintain a funded reserve account of not less than 40% of gross consideration received, less claims paid, on the sale of the service contract for all in-force contracts. The account is subject to examination and review by the Commissioner of Insurance on request. Effective July 1, 2011.

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