Bill Summaries: S272 (2021)

  • Summary date: Mar 11 2021 - View summary

    Enacts GS 58-3-133 to deem expirations to be mutually and exclusively owned by the insured and the insurance producer who complied them. Defines expiration to mean all information and records relating to an insurance application or an insurance policy, both written and electronic. Details specific information and records included in the definition. Defines exclusive agent, financial institution, insurance producer, personal information, and privileged information

    Provides the following guidelines for use of expirations for the mutual benefit of the insured and the insurance producer. Deems insurance producers to have the exclusive use of expirations they compile for purposes of soliciting, selling, or negotiating the renewal or sale of insurance coverage, insurance products, or insurance services. Requires express written consent of the insurance producer who compiles the expirations for insurance companies, managing general agents, surplus lines insurance brokers, wholesale brokers, or third-party administrators to use the expirations to solicit, sell, or negotiate renewal or sale of insurance coverage, insurance products, or insurance services to the insured.

    Identifies nine exceptions to the statute, including (1) an insurance producer with a license that has been revoked by or surrendered to the Commissioner of Insurance; (2) an insurer that creates, develops, compiles, and assembles its own expirations separate from an insurance producer; and (3) a policy providing any health benefit plan. 

    Effective October 1, 2021.