NC S670

Modifies the allocation of gross premium tax proceeds on insurance contracts for property coverage to dedicate a portion to the Workers' Compensation Fund for volunteer safety workers.

Changes the funding source for the Workers' Compensation Fund from legislative appropriations to a portion of tax proceeds under G.S. 105-228.5(d)(3), with the specific amount determined annually through actuarial study.

Requires the Department of Insurance to conduct periodic actuarial studies reviewed by the Office of State Budget and Management to determine annual funding needs, with notification to the Secretary of Revenue by March 1 each year.

Maintains the existing 30% allocation to the Volunteer Fire Department Fund and 25% allocation to the Department of Insurance from property coverage tax proceeds, with the remainder going to the General Fund after Workers' Compensation Fund allocation.

Effective July 1, 2013.