NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 510

HOUSE BILL 856

 

 

AN ACT TO AMEND CERTAIN SECTIONS OF CHAPTER 58 OF THE GENERAL STATUTES TO AUTHORIZE PUBLIC UTILITIES TO PROCURE POLICIES OF INSURANCE ON RISKS AT THEIR NUCLEAR ELECTRIC GENERATING PLANTS IN FOREIGN OR ALIEN INSURANCE COMPANIES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 58-2 is hereby amended by adding thereto a new subsection to read as follows:

"(9)      'Nuclear Insured' means a public utility procuring insurance against radioactive contamination and other risks of direct physical loss at a nuclear electric generating plant."

Sec. 2.  G.S. 58-53.1 is hereby amended by adding thereto a new subsection to read as follows:

"(d)      Exemption. — A nuclear insured shall be exempt from the requirements of this and other sections of Article 3, and nothing contained in Article 3 shall be interpreted as prohibiting a nuclear insured from procuring policies of insurance on risks on its own nuclear electric generating plants and other facilities at such plants in this State in foreign or alien insurance companies not authorized to transact business in this State."

Sec. 3.  G.S. 58-54.21 is hereby amended by rewriting subdivision (6) thereof to read as follows:

"(6)      The procuring of contracts of insurance issued to an 'industrial insured' as hereinafter defined, or to a nuclear insured."

Sec. 4.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 4th day of June, 1971.