AN ACT TO ALLOW THE DEPARTMENT OF INSURANCE TO LICENSE NATIONAL TRAVEL INSURANCE PRODUCERS TO SELL TRAVEL INSURANCE THROUGH THIRD-PARTY TRAVEL RETAILERS. Enacted July 18, 2013. Effective January 1, 2014.
Summary date: Jul 22 2013 - View summary
Summary date: Jun 6 2013 - View summary
Senate committee substitute to the 2nd edition makes the following changes. Amends the definition of limited lines travel insurance producer (new GS 58-33-19) tomean a licensed insurance producer as defined by GS 58-33-10(7), andto also include a limited lines producer appointed by an insurer, as set forth in GS 58-33-49, acting as a landlord or real estate broker engaged in the rental or management of residential property for vacation rental as defined in GS Chapter 42A.
Summary date: Apr 11 2013 - View summary
House committee substitute makes the following changes to the 1st edition.
Removes the provisions of the bill from GS Chapter 58, Article 44B, and places them in GS Chapter 58, Article 33, to comprise new GS Chapter 58-33-19 (Limited lines travel insurance).
Makes technical, conforming, and clarifying changes.
Changes the effective date to January 1, 2014 (was, effective when the act becomes law).
Summary date: Mar 19 2013 - View summary
Creates new GS 58, Article 44B (Limited Line Travel Insurance), providing definitions to be used in this section, including limited lines travel insurance producer, offer and disseminate, travel insurance, and travel retailer. Provides that the Commissioner of Insurance (Commissioner) can issue to any indivdual or business entity a limited lines travel insurance producer license, authorizing the limited lines travel insurance producer to sell, solicit, or negotiate travel insurance through a licensed insurer.
Provides that a travel retailer can offer and disseminate travel insurance, under the license described above, only if certain conditions are met, found in GS 58-44B-2(b).
Provides that any travel retailer offering or disseminating travel insurance will make available to prospective purchasers brochures or other written materials that must include all of the following: (1) identity and contact information of the insurer and the producer, (2) an explanation that travel insurance is not required in order to purchase any other product or service from the travel retailer, (3) a disclaimer that an unlicensed travel retailer is permitted to provide general information about the insurance offered but cannot answer technical questions about the terms and conditions of the insurance offered by the travel retailer or evaluate adequacy of existing coverage.
A travel retailer's employee who is not licensed cannot evaluate or interpret technical terms, benefits, and conditions of the travel insurance coverage, evaluate or provide advice on a prospective puchaser's existing insurance coverage, or hold itself out as a licensed insurer, licensed producer, or insurance expert.
Provides that travel insurance can be provided under an individual policy or a group or master policy. The insurance producer is responsible for the acts of the travel retailer and will use reasonable means to ensure compliance by the travel retailer.
Provides that the limited lines travel insurance producer will be subject to the provisions of Article 63 and to the full enforcement of the Commisssioner granted by Article 2.