Bill Summary for S 299 (2021-2022)
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Summary date:
Aug 4 2021
Bill Information:
| View NCGA Bill Details | 2021 |
AN ACT TO MAINTAIN NAIC ACCREDITATION OF THE DEPARTMENT OF INSURANCE BY MAKING REVISIONS TO THE LAWS GOVERNING CREDIT FOR REINSURANCE AND RESERVE FINANCING.Intro. by Sawyer, Johnson.
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Bill summary
House committee substitute to the 2nd edition makes the following changes.
Part I.
Makes technical changes to the proposed changes to GS 58-7-21(b), which allows for credit when reinsurance is ceded from an insurer domiciled in the State to an assuming insurer licensed to transact reinsurance by, or have its head office or is domiciled in, a reciprocal jurisdiction.
Part III.
Makes technical changes to the act's effective date provision.