Creates the 14 member Joint Legislative Study Commission on Property Insurance Rate Making (Commission) to study the adequacy of citizen contribution in property insurance rate making and the manner that property insurance rates are proposed, reviewed, approved, and appealed. Details Commission members, appointing authority, and administrative details. Directs the Commission to study seven specified items, including the feasibility and advisability of replacing the NC Rate Bureau with a market-based rate setting system or a regulatory commission. Instructs the Commission to submit an interim report to the 2012 General Assembly before it reconvenes and a final report to the 2013 General Assembly before it reconvenes with findings, recommendations, legislative proposals, and cost analyses. Provides for Commission termination. Directs the Legislative Services Commission to allocate funds to support the study from the funds appropriated to the General Assembly for 2011-12 and 2012-13. Effective July 1, 2011.