NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 844

SENATE BILL 398

 

 

AN ACT TO ENABLE "LLOYDS" INSURANCE ASSOCIATIONS TO TRANSACT INSURANCE BUSINESS IN THIS STATE WHEN AND IF SUCH ASSOCIATIONS HAVE OTHERWISE QUALIFIED FOR ADMISSION UNDER PROVISIONS OF ARTICLES 17 AND 20 OF CHAPTER 58 OF THE GENERAL STATUTES OF NORTH CAROLINA.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Chapter 58 of the General Statutes of North Carolina is hereby amended by adding immediately after Article 16 a new Article to be designated as Article 16A and reading as follows:

"ARTICLE 16A

"Lloyds" Insurance Associations

"§ 58-148.1.  Lloyds Insurance Associations May Transact Business of Insurance Other Than Life, on Certain Conditions. Associations of individuals, whether organized within the State or elsewhere, formed upon the plan known as "Lloyds" — whereby each associate underwriter becomes liable for a proportionate part of the whole amount insured by policy — may be authorized to transact business of insurance, other than life, in this State, in like manner and upon the same terms and conditions as are required of and imposed upon insurance companies regularly organized; but all such "Lloyds" whether organized within the State or elsewhere, shall make the same deposit, and upon the same terms and conditions as required by Articles 17 and 20 of this Chapter for foreign or alien insurance companies incorporated under the laws of any government or state other than the United States or one of the several states of the Union. Provided, such associations shall be subject to all of the laws and regulations of the State of North Carolina relating to the transaction of insurance business within this State."

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  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be effective on and after its ratification.

In the General Assembly read three times and ratified, this the 21st day of June, 1967.