NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 947

SENATE BILL 514

 

 

AN ACT TO AMEND THE INSURANCE LAWS OF NORTH CAROLINA TO PROVIDE ADDITIONAL CAPITAL REQUIREMENTS FOR STOCK LIFE COMPANIES WRITING HEALTH AND ACCIDENT INSURANCE.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Chapter 58 of the General Statutes is hereby amended by rewriting G.S. 58-77(1) to read as follows:

"G.S. 58-77  (1) STOCK LIFE INSURANCE COMPANIES.

A.        A stock corporation may be organized in the manner prescribed in this Chapter and licensed to do the business of life insurance, only when it shall have paid-in capital of at least three hundred thousand dollars ($300,000.00) and a paid-in initial surplus of an amount at least equal to such capital, and it may in addition do the kind of business specified in subdivision (2) of G.S. 58-72, without having additional capital or surplus. Every such company shall at all times thereafter maintain a minimum capital of not less than three hundred thousand dollars ($300,000.00) and a minimum surplus of at least seventy-five thousand dollars ($75,000.00). Provided that, any such corporation may do either or both of the kinds of insurance authorized for stock, accident and health insurance companies, as set out in paragraphs (a) and (b) of subdivision 3 of G.S. 58-72 where its charter so permits, when and if it meets all additional requirements as to capital and surplus as fixed in subdivision 2 hereof as applicable and maintains the same as required therein."

Sec. 2.  G.S. 58-77(9) is amended by substituting the date "July 1, 1965" for the date "July 1, 1963" as the same appears therein.

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  The provisions of this Act shall be in full force and effect from and after ratification.

In the General Assembly read three times and ratified, this the 11th day of June, 1965.