Identical to H 347, filed 3/10/25.
Amends GS 58-57-100 prohibiting automobile physical damage insurance from including: (1) coverage for the cost of repossession; (2) skip, confiscation, and conversion coverage (defined as insurance which provides coverage when a borrower has sold, traded, or disposed of the collateral, or the borrower and the collateral cannot be found); (3) coverage that requires a borrower's insurance deductible to be less than $250; or (4) coverage that is broader than the insurance coverages that meets the specified minimum insurance requirements. Specifies that this does not prohibit issuing a separate policy or endorsement providing these listed coverages, so long as the charges for those coverages is not passed along to the borrower.
CREDIT PROPERTY INSURANCE RESTRICTIONS.-AB
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View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT PROHIBITING THE INCLUSION OF CERTAIN AUTOMOBILE PHYSICAL DAMAGE INSURANCE COVERAGE IN A CREDIT PROPERTY INSURANCE POLICY, AS RECOMMENDED BY THE DEPARTMENT OF INSURANCE.Intro. by Johnson, Britt, Settle.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 13 2025)
Bill History:
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Wed, 12 Mar 2025 Senate: Filed(link is external)
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Thu, 13 Mar 2025 Senate: Passed 1st Reading(link is external)
S 270
Bill Summaries:
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Bill S 270 (2025-2026)Summary date: Mar 12 2025 - View Summary
View: All Summaries for Bill