Insurer Investment/Transaction Changes.
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SB 509 — Insurer Investment/Transaction Changes.
Last action — Passed 1st Reading
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Bill Text
What changed in the latest version
13 added · 14 removedPlain-language change summary
The changes to Senate Bill 509 include adding the full title and legislative references from the North Carolina General Assembly, along with the date it was filed. Some lines of earlier versions of the bill were removed to streamline the document and avoid redundancy. These changes matter because they clarify the bill’s official identity and ensure that the version being discussed is current, which aids in transparent legislative processes.
FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA MarSESSION 29, 2017 S.B.S 1 SENATE BILL 509 Short Title:
509 SESSION 2017 PRINCIPAL CLERK S D SENATE BILL DRS35220-MH-94 (03/17) Short Title:
SenatorSenators Meredith (Primary Sponsor).Sponsor);
and Rabin.
Rules and Operations of the Senate March 30, 2017 A BILL TO BE ENTITLED AN ACT TO REVISE THE LAWS GOVERNING TRANSACTION REQUIREMENTS AND PROHIBITED INVESTMENTS FOR INSURERS.
(2) Any insurer in connection with the relocation of the place of employment of an officer, including any relocation in connection with the initial employment of the officer, from (i) making, or the officer from accepting *DRS35220-MH-94**S509-v-1* General Assembly Of North Carolina Session 2017 therefrom, a mortgage loan to the officer on real property owned by the officer that is to serve as the officer's residence or (ii) acquiring, or the officer from selling thereto, at not more than its fair market value, the officer's prior residence;residence.
Page 2 DRS35220-MH-94Senate [v.7]Bill (03/17)509-First Edition General Assembly Of North Carolina Session 2017 (5) Eighty percent (80%) of the fair market value of the real estate, if the mortgage loan requires immediate scheduled payment in periodic installments of principal and interest, has an amortization period of 30 years or less, and requires periodic payments made no less frequently than annually.
– A transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned DRS35220-MH-94Senate [v.7]Bill (03/17)509-First Edition Page 3 General Assembly Of North Carolina Session 2017 securities or equivalent securities to the insurer, either within a specified period of time or upon demand.
If at any time the market value of the acceptable collateral is less than one hundred percent (100%) of the purchase price paid by the insurer, the business entity counterparty shall be obligated to provide additional acceptable collateral, the market value of which, together with the market value of all acceptable collateral then held in connection with the Page 4 DRS35220-MH-94Senate [v.7]Bill (03/17)509-First Edition General Assembly Of North Carolina Session 2017 transaction, at least equals one hundred two percent (102%) of the purchase price.
Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) shall, notwithstanding the issuing (or confirming) institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, DRS35220-MH-94Senate [v.7]Bill (03/17)509-First Edition Page 5 General Assembly Of North Carolina Session 2017 extension, renewal, modification or amendment, whichever occurs first;
Page 6 DRS35220-MH-94Senate [v.7]Bill (03/17)509-First Edition
Action History
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Passed 1st Reading
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Ref To Com On Rules and Operations of the Senate
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Filed
Sponsors
- Rabin · Cosponsor
- Meredith · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 2 co-sponsors · 177 not signed on
Sponsors (0)
None.
Co-sponsors (2)
- Rabin
- Meredith
Not signed on (177)
177 members have not signed on to this bill.
Show all 177 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- Who sponsors SB 509?
- SB 509 is sponsored by Rabin and Meredith.
- What is the current status of SB 509?
- This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 509?
- Track SB 509 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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