NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 842

HOUSE BILL 1187

 

 

AN ACT TO AMEND G.S. 58-79 RELATING TO INVESTMENTS OF LIFE INSURANCE COMPANIES IN STOCKS, REAL ESTATE, AND TO ALLOW LIMITED LEEWAY IN MAKING OTHER INVESTMENTS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Section 58-79 of the General Statutes of North Carolina is hereby amended by inserting in the sixth line of subdivision (6) of subsection (a) of said Section immediately in front of the word "stocks" the word "common".

Sec. 2.  Section 58-79 of the General Statutes of North Carolina is hereby amended by striking out of subdivision (11) e.l.III of subsection (a) of said Section the following:

"reduced each year by equal decrements sufficient to write off at least seventy-five per cent (75%) of the investment at the normal termination of the lease or at the end of thirty years should the term of the lease be for a longer period."; and by substituting in the place thereof the following:

"reduced each year by at least two per cent (2%) of the investment allocable to the improvements on such real estate."

Sec. 3.  Section 58-79 of the General Statutes of North Carolina is hereby amended by renumbering subdivision (14) of subsection (a) of said Section to be subdivision (15) and by inserting immediately after subdivision (13) of subsection (a) of said Section, a new subdivision (14) to read as follows:

"(14)    Notwithstanding any expressed or implied prohibitions, a company may, after the date of the enactment of this subdivision, invest in investments which do not otherwise qualify under any other provision of this subsection; provided, however, that the investments authorized by this subdivision shall not exceed the lesser of (1) five per cent (5%) of its admitted assets or (2) the amount by which total admitted assets exceed total liabilities (except capital) plus six hundred thousand dollars ($600,000) as shown on its last annual statement preceding the date of the acquisition of such investment as filed with the Commissioner of Insurance.

"Nothing herein shall be construed or implied so as to authorize any company to invest in real property unless already authorized to do so by this Chapter or some other existing law of the State of North Carolina."

Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 20th day of June, 1967.