GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

H                                                                                                                                                   3

HOUSE BILL 1429

Second Edition Engrossed 5/14/09

Senate Rules and Operations of the Senate Committee Substitute Adopted 5/26/10

Short Title:        Mortgage Guaranty Insurer Sunset Extended.	(Public)
Sponsors:
Referred to:

April 13, 2009

A BILL TO BE ENTITLED

AN ACT to extend the effective date for commissioner of insurance discretion to waive THE minimum policyholders POSITION requirement under certain circumstances for mortgage guaranty insurers.

The General Assembly of North Carolina enacts:

SECTION 1. G.S. 58-10-125(l) reads as rewritten:

"(l)        Any waiver shall be (i) for a specified period of time not to exceed two years and (ii) subject to any terms and conditions that the Commissioner shall deem best suited to restoring the mortgage guaranty insurer's minimum policyholders position required by subsection (a) of this section. Notwithstanding any other provision in this section, the Commissioner shall not grant a waiver that would extend beyond July 1, 2011.July 1, 2015."

SECTION 2.  Section 2 of S.L. 2009-254 reads as rewritten:

"SECTION 2.  This act becomes effective July 1, 2009, and expires July 1, 2011.July 1, 2015."

SECTION 3.  This act is effective when it becomes law.