Enacts new Article 36A to GS Chapter 58 to create the Citizens’ Property Insurance Board (Board) to provide public input and accountability in the setting of property insurance rates in North Carolina. States that the Board consists of 11 members, as indicated, and sets forth provisions concerning member qualifications, terms of office, officers, meetings, expenses, and removal and vacancy procedures. Directs the appointing authorities to make their initial appointments to the Board by October 1, 2011. Details the Board’s powers and duties, including the duty to review, investigate, and make recommendations regarding the reasonableness and consistency of rates charged or filed by the NC Rate Bureau (Bureau), and the power to review and investigate complaints from property insurance policyholders.
Enacts new GS 58-36-17, directing the NC Rate Bureau to provide the Board, upon request, information or analysis supporting a property insurance rate filing and any nonprivileged communications as described. States that the Bureau and the Board will be immune from civil liability for erroneous information released by the Bureau, provided both entities acted in good faith and without malicious or willful intent to harm. Amends GS 58-45-65.1 to clarify that the NC Insurance Underwriting Association will be audited on an annual basis by an auditor selected by the Commissioner of Insurance (Commissioner) from a list of three names provided by the Board. Enacts new subsection (f) to GS 58-2-75, stating the Board has an unconditional right of intervention in proceedings involving the court review of a Commissioner order or decision.
Locates the Board in the Department of Insurance for administrative purposes. Directs the Board to prepare, beginning in 2012, an annual report to the Joint Legislative Commission on Governmental Operations before October 15, containing specified information.
Effective July 1, 2011.