House committee substitute makes the following changes to the 1st edition.
Changes the long title.
Amends GS 58-36-10 changing "shall" to "may," providing that it is permissive, but not required, to give consideration to the experience of property insurance business during the most recent five-year period for which that experience is available in the case of property insurance rates under this Article.
Amends GS 58-36-15(d2), providing that trade secret information provided under this subsection is considered confidential and is required to be handled in accordance with GS 66-152 and GS 132-1.2.
Amends GS 58-36-15(d3), deleting the provisions of the previous edition and establishing that the Rate Bureau is required in all residential property insurance rate filings to set out, according to the territories in North Carolina, (1) the portion of the rate based on all risks, with the exception of wind and hail and (2) the portion of the rate based on the consideration of risks and the costs of reinsurance for wind and hail. If the rates are approved by the Insurance Commissioner they will be posted by territory, on its website, including the distinctions of the rates as described above.
Specifies that the act applies to filings by the Rate Bureau on or after July 1, 2013.
Bill H 519 (2013-2014)Summary date: May 14 2013 - View summary
Bill H 519 (2013-2014)Summary date: Apr 2 2013 - View summary
Identical to S 690, filed 4/2/13.
Amends GS 58-36-10 changing "may" to "shall," requiring consideration to be given to the experience of property insurance business during the most recent five-year period for which that experience is available in the case of property insurance rates under this Article.
Amends GS 58-36-10 to add the requirement that if the Rate Bureau presents any modeled hurricane losses with a property insurance rate filing, the Bureau must present data from more than one such model.
Amends GS 58-36-15, adding subsections (d2) and (d3). Subsection (d2) requires a minimum amount of supporting data to be included in any property insurance rate filing where a catastrophe model is used. Subsection (d3) requires the Rate Bureau, no later than January 1, 2015, to transition to a two-tier system for property insurance rate filings for policies issued or renewed after that date. A policy holder's total rate for property insurance will then be the sum of the two rate tiers meeting all of the enumerated requirements in (d3)(1-2).
Effective July 1, 2013.