NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

CHAPTER 519

SENATE BILL 622

AN ACT TO AMEND ARTICLE 21 OF CHAPTER 58 OF THE GENERAL STATUTES TO ALLOW A BROADER LATITUDE IN INVESTMENT OF SECURITIES AND PROVIDE FOR OTHER LINES OF INSURANCE.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 58-189 is hereby amended by rewriting the second paragraph as follows:

"There is hereby created a 'State property fire insurance fund,' which shall be as a special fund in the State Treasury, for the purpose of providing a reserve against loss from fire at State departments and institutions. The State Treasurer shall invest all funds deposited in the 'State property fire insurance fund' in the same type of securities which the North Carolina Teachers' and State Employees' Retirement System funds may be invested and all earnings shall become a part of the fund and be held and invested as all contributions are invested. The unexpended appropriations of State departments and institutions for fire insurance premiums for the fiscal year 1944-1945 and the appropriations for fire insurance premiums made for the biennium 1945-47 or that may thereafter be made for this purpose shall be transferred to the 'State property fire insurance fund'."

Sec. 2.  G.S. 58-191.1 is hereby amended as follows:

(1)        By inserting immediately after the word "insurance" on line 2 the words ", and other property insurance".

(2)        By deleting from line 2 the words "shall be" and inserting in lieu thereof the words "may be".

Sec. 3.  This act shall be in full force and in effect upon ratification.

In the General Assembly read three times and ratified, this the 10th day of June, 1975.