NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 1221

SENATE BILL 872

AN ACT TO TAX DOMESTIC INSURANCE COMPANIES PRIMARILY ENGAGED IN CASUALTY INSURANCE BUSINESS AS CASUALTY COMPANIES.

The General Assembly of North Carolina do enact:

Section 1.  Section 105-228.5 of the General Statutes of North Carolina is hereby amended by adding at the end of the eighth paragraph thereof a new sentence reading as follows:

"Any domestic life insurance company collecting more than half of its annual gross premiums from lines of business other than those described in G.S. 58-72(1) and (2) may, prior to the return due date, elect to be taxed as a domestic casualty insurance company under the provisions of this paragraph."

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  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be effective upon ratification.

In the General Assembly read three times and ratified, this the 1st day of July, 1969.