NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 831

SENATE BILL 725

 

 

AN ACT AMENDING THE SECURITIES LAWS TO PERMIT QUALIFIED PERSONS TO SELL VARIABLE ANNUITY CONTRACTS WITHOUT HAVING TO REGISTER AS THE REPRESENTATIVE OR EMPLOYEE OF A REGISTERED SECURITIES DEALER.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 78-19 is hereby amended by adding immediately after the first full paragraph on page 215 of Volume 2C of the General Statutes, the following paragraph:

"Life insurance companies and their agents who are licensed and regulated by the Commissioner of Insurance in the offering and sale of variable annuity contracts shall be exempt from the registration provisions of this section."

Sec. 2.  All laws and clauses of laws in conflict with this Act, and in particular the proviso of G.S. 58-79.2(r) are repealed.

Sec. 3.  This act shall be effective from and after ratification.

In the General Assembly read three times and ratified, this the 12th day of July, 1971.