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No events on calendar for this bill.
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Ref To Com On Rules, Calendar, and Operations of the HouseHouse | 2023-05-03Passed 1st ReadingHouse | 2023-05-03Regular Message Received From SenateHouse | 2023-05-02Regular Message Sent To HouseSenate | 2023-05-02Passed 3rd ReadingSenate | 2023-04-27Reptd FavSenate | 2023-04-26Re-ref Com On Rules and Operations of the SenateSenate | 2023-04-25Reptd FavSenate | 2023-04-25Re-ref Com On FinanceSenate | 2023-03-28Reptd FavSenate | 2023-03-28Re-ref to Commerce and Insurance. If fav, re-ref to Finance. If fav, re-ref to Rules and Operations of the SenateSenate | 2023-03-21Withdrawn From ComSenate | 2023-03-21Ref To Com On Rules and Operations of the SenateSenate | 2023-03-20Passed 1st ReadingSenate | 2023-03-20FiledSenate | 2023-03-16
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Passed 2nd ReadingSenate | 2023-04-27 | PASS: 34-9
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COMMERCE
CORPORATIONS
FOR-PROFIT
COUNCIL OF STATE
INSPECTIONS
INSURANCE
INSURANCE DEPT.
PUBLIC
PUBLIC OFFICIALS
INSURANCE COMMISSIONER
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105
58 (Chapters); 105-228.4A
58-22-15
58-22-20 (Sections)
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No counties specifically cited.
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S319: Captive Insurance Revisions. Latest Version
Session: 2023 - 2024
AN ACT to revise statutes related to captive insurance.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 58‑22‑15 is amended by adding a new subsection to read:
(c1) Examination Regarding Financial Condition. – The Commissioner may examine any risk retention group whenever the Commissioner deems it prudent and reasonable. The examination shall be (i) coordinated with other examining bodies in a manner that avoids unnecessarily repetitious examinations, (ii) conducted in an expeditious manner, and (iii) conducted in accordance with the Examiner Handbook of the NAIC. The costs associated with an examination pursuant to this subsection shall be the responsibility of the examined risk retention group.
SECTION 2. G.S. 58‑22‑20 reads as rewritten:
§ 58‑22‑20. Risk retention groups not chartered in this State.
Risk retention groups that have been chartered in states other than this State and that seek to do business as risk retention groups in this state must observe and abide by the laws of this State as follows:
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(3) Taxation. –
a. All premiums paid for coverages within this State to risk retention groups shall be subject to taxation at the same rate of one and eighty‑five hundredths percent (1.85%) and subject to the same payment procedures and to the same interest, fines, and penalties for nonpayment as those applicable to surplus lines insurance under Article 21 of this Chapter. Premiums paid by purchasing groups are, however, taxed as provided in G.S. 58‑22‑35(b).
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SECTION 3.(a) G.S. 105‑228.4A(g) reads as rewritten:
(g) A captive insurance company formed and licensed under the laws of a jurisdiction other than North Carolina that (i) obtains the approval of the North Carolina Commissioner of Insurance to redomesticate to North Carolina pursuant to G.S. 58‑10‑380(g) to operate as a North Carolina–domiciled captive insurance company and (ii) redomesticates to North Carolina on or before December 31, 2022, is exempted from premium taxes imposed by this section for the year in which the redomestication occurs and the premium taxes imposed by this section for the calendar year following the redomestication. This subsection expires for taxable years beginning on or after January 1, 2024.2025.
SECTION 3.(b) This section is effective when it becomes law.
SECTION 4. Except as otherwise provided, this act becomes effective October 1, 2023, and applies to contracts issued, renewed, or amended on or after that date.