GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

S	1 

SENATE BILL 1113

Short Title:  Title Insurance-Commissioner Reg.	(Public)
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Sponsors: Senator Seymour.
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Referred to:  Insurance.
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May 11, 1993

A BILL TO BE ENTITLED
AN ACT AMENDING THE INSURANCE LAWS RELATING TO TITLE INSURANCE COMPANIES TO GIVE THE INSURANCE COMMISSIONER DISCRETION WHERE PREMIUMS HAVE BEEN UNDERSTATED OR OVERSTATED THROUGH INADVERTENCE, MISTAKE, OR MISCALCULATION.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 58-26-1 is amended by adding a new subsection to read:
"( e)	If the premium stated upon a policy of title insurance has been understated or overstated due to inadvertence, mistake, or miscalculation, and the incident is not purposeful or part of a pattern, the Commissioner of Insurance shall not be required to impose a civil penalty or other sanction for the inadvertence, mistake, or miscalculation."
Sec. 2.  This act is effective upon ratification.