Bill Text: NC H766 | 2010 | Regular Session | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Annuity Insolvency Coverage/Ins. Guar. Assn

Spectrum: Moderate Partisan Bill (Democrat 22-3)

Status: (Passed) 2010-06-23 - Ch. SL 2010-11 [H766 Detail]

Download: North_Carolina-2010-H766-Enrolled.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

 

 

HOUSE BILL 766

RATIFIED BILL

 

 

AN ACT to clarify the PROTECTION PROVIDED BY THE NORTH CAROLINA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION AGAINST FAILURE IN THE PERFORMANCE OF CONTRACTUAL OBLIGATIONS UNDER ANNUITY CONTRACTS BECAUSE OF THE DELINQUENCY OF THE MEMBER INSURER THAT ISSUED THE POLICIES.

 

The General Assembly of North Carolina enacts:

 

SECTION 1.  G.S. 58‑62‑21(d)(5) reads as rewritten:

"(d)      The benefits for which the Association is liable do not, in any event, exceed the lesser of:

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(5)        With respect to any one contract holder payee (or beneficiaries of one payee if the payee is deceased) of a structured settlement annuity, one million dollars ($1,000,000) for all benefits, including cash values."

SECTION 2.  G.S. 58‑62‑21(e) is repealed.

SECTION 3.  This act is effective when it becomes law and applies to claims submitted to the North Carolina Life and Health Insurance Guaranty Association on or after August 7, 2009.

In the General Assembly read three times and ratified this the 15^th day of June, 2010.

 

 

 

 

                                                                        _____________________________________

                                                                         Walter H. Dalton

                                                                         President of the Senate

 

 

 

 

                                                                        _____________________________________

                                                                         Joe Hackney

                                                                         Speaker of the House of Representatives

 

 

 

 

                                                                        _____________________________________

                                                                         Beverly E. Perdue

                                                                         Governor

 

 

Approved __________.m. this ______________ day of ___________________, 2010