North Carolina SB 683: Abolish Consent to Rate for Property Ins.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA 
SESSION 2015 
S 1 
SENATE BILL 683 
 
 
Short Title: Abolish Consent to Rate for Property Ins. (Public) 
Sponsors: Senators   Lee   (Primary   Sponsor);      Cook,   B. Jackson,   Krawiec,   Pate,   and 
Woodard. 
Referred to: Insurance. 
March 30, 2015 
*S683-v-1* 
A BILL TO BE ENTITLED 1 
AN ACT TO EXCLUDE RESIDENTIAL PROPERTY  INSURANCE FROM CONSENT TO 2 
RATE PROVISIONS. 3 
The General Assembly of North Carolina enacts: 4 
SECTION 1.  G.S. 58-36-30(b) reads as rewritten: 5 
"(b) A rate in excess of that promulgated by the Bureau may be charged by an insurer on 6 
any  specific  risk  if  the  higher  rate  is  charged  in  accordance  with  rules  adopted  by  the 7 
Commissioner  and  with  the  knowledge  and  written  consent  of  the  insured.  The  insurer  is  not 8 
required  to  obtain  the  written  consent  of  the insured  on  any  renewal  of  or  endorsement  to  the 9 
policy if the policy renewal or endorsement states that the rates are greater than those rates that 10 
are  applicable  in  the  State  of  North  Carolina.  The  insurer  shall  retain  the  signed  consent  form 11 
and  other  policy  information  for  each  insured  and  make  this  information  available  to  the 12 
Commissioner,  upon  request  of  the  Commissioner.  This  subsection  may  be  used  to  provide 13 
motor vehicle liability coverage limits above those required under Article 9A of Chapter 20 of 14 
the General Statutes and above those cedable to the Facility under Article 37 of this Chapter to 15 
persons  whose  personal  excess  liability  insurance  policies  require  that  they  maintain  specific 16 
higher liability coverage limits. Any data obtained by the Commissioner under this subsection 17 
is  proprietary  and  confidential  and  is  not  a  public  record  under G.S. 132-1  or G.S. 58-2-100. 18 
This subsection shall not apply to policies of insurance against loss to residential real property 19 
with not more than four housing units." 20 
SECTION 2.  This act  is  effective  July  29,  2016,  and  applies  to  any  residential 21 
property insurance policies issued or renewed on or after that date. 22