Bill Summaries: S477 (2011-2012 Session)

  • Summary date: Mar 31 2011 - View summary

    Amends GS 58-36-30 (deviations) and GS 58-37-35 (the facility; functions; administration) as the title indicates. Adds new subsection (e) to GS 58-36-30 providing that the provisions of the proposed subsection only apply to setting rates for nonfleet private passenger motor vehicle liability insurance. Provides process for an insurer to deviate from the rate set by the North Carolina Rate Bureau. Provides that the Commissioner of Insurance may disapprove a request for a rate deviation only if the commissioner determines that the filing is excessive, inadequate, or unfairly discriminatory. Provides process to be followed if, after a hearing, the commissioner disapproves a deviation filing.
    Amends GS 58-37-35 to provide that the phaseout of the “clean risk” subclassification within the reinsurance facility is to take place over a five-year period ending on December 31, 2017. Makes conforming changes to GS 58-37-35 effective January 1, 2018.
    Except as otherwise indicated, effective January 1, 2012.