GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
HOUSE BILL 1429
RATIFIED BILL
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.
In the General Assembly read three times and ratified this the 21st 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