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NC H766

Bill

Official Source

Status

Passed

6/23/2010

Primary Sponsor

Alma Adams

Click for details

Origin

House of Representatives

2010 Session

AI Summary

  • Changes the definition of beneficiaries in structured settlement annuity claims from "contract holder" to "payee (or beneficiaries of one payee if the payee is deceased)" under North Carolina Life and Health Insurance Guaranty Association coverage.

  • Maintains the maximum liability limit of $1,000,000 per payee for all benefits, including cash values, under structured settlement annuity contracts.

  • Repeals G.S. 58-62-21(e) in its entirety.

  • Applies retroactively to claims submitted to the Guaranty Association on or after August 7, 2009.

  • Ratified June 15, 2010 and approved June 23, 2010.

Legislative Description

Annuity Insolvency Coverage/Ins. Guar. Assn

Last Action

Ch. SL 2010-11

6/23/2010

Committee Referrals

Insurance6/7/2010
Commerce5/26/2010
Rules and Operations of the Senate5/4/2009
Pensions and Retirement4/15/2009
Homeland Security, Military, and Veterans Affairs3/25/2009

Full Bill Text

No bill text available