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GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
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HOUSE DRH10031-LR-5C* (11/15)
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Short Title: Workers' Comp Fund/Safety Workers Allocation. |
(Public) |
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Sponsors: |
Representatives Howard, Hager, and Torbett (Primary Sponsors). |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT MODIFYING THE ALLOCATION of the proceeds from the gross premium tax on insurance companies UNDER G.S. 105-228.5 TO INCLUDE DEDICATED FUNDING for THE north carolina firemen's and rescue SQUAD workers' pension fund and the WORKERS' COMPENSATION FUND FOR THE BENEFIT OF VOLUNTEER SAFETY WORKERS.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105-228.5(d)(3) reads as rewritten:
"(d) Tax Rates; Disposition. -
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(3) Additional Rate
on Property Coverage Contracts. - An additional tax at the rate of seventy-four
hundredths percent (0.74%) applies to gross premiums on insurance contracts for
property coverage. The tax is imposed on ten percent (10%) of the gross
premiums from insurance contracts for automobile physical damage coverage and
on one hundred percent (100%) of the gross premiums from all other contracts
for property coverage. Thirty percent (30%) of the net proceeds of this
additional tax must be credited to the Volunteer Fire Department Fund
established in Article 87 of Chapter 58 of the General Statutes. Twenty-five
percent (25%) of the net proceeds must be credited to the Department of
Insurance for disbursement pursuant to G.S. 58-84-25. The remaining net
proceeds must be credited to the General Fund.Twenty-seven percent (27%)
of the net proceeds must be credited to the Department of Insurance for the
Workers' Compensation Fund established under G.S. 58-87-10. Eighteen
percent (18%) of the net proceeds must be credited to the Office of the State
Treasurer for The North Carolina Firemen's and Rescue Squad Workers' Pension
Fund established under Article 86 of Chapter 58 of the General Statutes.
The following definitions apply in this subdivision:
a. Automobile physical damage. - The following lines of business identified by the NAIC: private passenger automobile physical damage and commercial automobile physical damage.
b. Property coverage. - The following lines of business identified by the NAIC: fire, farm owners multiple peril, homeowners multiple peril, nonliability portion of commercial multiple peril, ocean marine, inland marine, earthquake, private passenger automobile physical damage, commercial automobile physical damage, aircraft, and boiler and machinery. The term also includes insurance contracts for wind damage.
c. NAIC. - National Association of Insurance Commissioners.
(4) Repealed by Session Laws 2006-196, effective for taxable years beginning on or after January 1, 2008.
(5) Repealed by Session Laws 2003-284, s. 43.1, effective for taxable years beginning on or after January 1, 2004.
(6) Repealed by Session Laws 2005-276, s. 38.4(a), effective for taxable years beginning on or after January 1, 2007."
SECTION 2. This act becomes effective July 1, 2013. This act does not obligate the General Assembly to appropriate funds.