Bill Summary for H 453 (2011-2012)
Printer-friendly: Click to view
Summary date:
Mar 23 2011
S.L. 2011-370
Bill Information:
View NCGA Bill Details | 2011-2012 Session |
TO AUTHORIZE THE PLACEMENT AND ISSUANCE OF SALARY PROTECTION INSURANCE UNDER THE SURPLUS LINES ACT.Intro. by Dockham.
View: All Summaries for Bill | Tracking: |
Bill summary
Enacts new GS 58-21-22 to provide that the amount of salary protection insurance plus the amount of any in-force disability income insurance, if applicable, will not exceed 75% of the individual's earned income, when salary protection insurance benefits are payable to an individual or the individual's beneficiary. Defines disability income insurance. Amends GS 58-21-10 to define salary protection insurance as insurance against financial loss caused by the cessation of earned income due to disability from sickness, ailment, or bodily injury. Makes a clarifying change. Effective October 1, 2011.