NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 936

SENATE BILL 516

 

 

AN ACT TO AMEND CHAPTER 58 OF THE GENERAL STATUTES AS IT RELATES TO TITLE INSURANCE COMPANIES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Chapter 58 of the General Statutes is amended by adding the words, "on real property located in North Carolina" to G.S. 58-134.1, as indicated below, so that G.S. 58‑134.1, as amended, will read as follows: "Investment of Capital. Any real estate title insurance company having a capital stock of more than fifty thousand dollars ($50,000.00), may, with the consent of the Commissioner, after investing fifty thousand dollars ($50,000.00) of the capital, as provided in this Chapter, invest not to exceed one-fourth of the total capital stock in abstract or title plants; and no such company shall guarantee or insure in any one risk on real property located in North Carolina more than forty per cent (40%) of its combined capital and surplus without first having the approval of the Commissioner, which approval shall be endorsed upon the policy."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect from and on its ratification.

In the General Assembly read three times and ratified, this the 27th day of June, 1967.