§ 105-228.5B. (Effective until June 30, 2010) Proceeds credited to High Risk Pool. - North Carolina Statutes

§ 105‑228.5B. (Effective until June 30, 2010) Proceeds credited to High Risk Pool.

By November 1 of each year,the State Treasurer must transfer from the General Fund to the North CarolinaHealth Insurance Risk Pool Fund established in G.S. 58‑50‑225 an amountequal to the growth in net revenue from the tax applied to gross premiums underG.S. 105‑228.5(d)(2). The growth in revenue from this tax is thedifference between the amount of revenue collected during the preceding fiscalyear on premiums taxed under that subdivision less $475,545,413, which is theamount of revenue collected during fiscal year 2006‑2007 on premiumstaxed under that subdivision. The Treasurer must draw the amount required underthis section from revenue collected on premiums taxed under that subdivision.  (2007‑532, s. 4(a);2008‑118, s. 3.2(d); 2009‑445, s. 10.)

§ 105‑228.5B. (Effective June 30, 2010) Distribution of part of tax proceeds to High RiskPool.

By November 1 of each year,the State Treasurer must transfer from the General Fund to the North CarolinaHealth Insurance Risk Pool Fund established in G.S. 58‑50‑225 anamount equal to thirty percent (30%) of the growth in revenue from the taxapplied to gross premiums under G.S. 105‑228.5(d)(2). The growth inrevenue from this tax is the difference between the amount of revenue collectedduring the preceding fiscal year on premiums taxed under that subdivision less$475,545,413, which is the amount of revenue collected during fiscal year 2006‑2007on premiums taxed under that subdivision. The Treasurer must draw the amountrequired under this section from revenue collected on premiums taxed under thatsubdivision. (2007‑532, s. 4(a), (b); 2008‑118, s. 3.2(d), (e); 2009‑445,s. 10.)