Bill Summary for H 151 (2015-2016)
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| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO AMEND THE VACATION RENTAL ACT TO CLARIFY THE ROLE OF REAL ESTATE BROKERS IN TRANSACTIONS BETWEEN LANDLORDS AND TENANTS, TO PROTECT MEMBERS OF THE ARMED FORCES BY ALLOWING TERMINATION OF RENTAL AGREEMENTS UPON TRANSFER OR REDEPLOYMENT, TO CLARIFY THE PROCEDURE FOR AWARDING AND COLLECTING CERTAIN COURT FEES IN EVICTION PROCEEDINGS, AND TO ALLOW AMENDMENTS TO A LEASE OF REAL PROPERTY TO ORANGE COUNTY TO FACILITATE JAIL CONSTRUCTION.Intro. by Tine, Setzer, J. Bell, Jackson.
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Bill summary
Amends GS 58-36-10, method of rate making; factors considered, to add the requirement for making and using rates that if the Rate Bureau presents any modeled hurricane losses with a property insurance rate filing, the Bureau must present data from more than one such model. Also provides that the Commissioner of Insurance can consider modeled hurricane losses presented by the Rate Bureau.
Amends GS 58-36-15, adding subsections (d2) and (d3). Subsection (d2) requires a specified minimum amount of supporting data to be included in any property insurance rate filing where a catastrophe model is used. Subsection (d3) requires the Rate Bureau, in all residential property insurance rate filings, to set out, according to the territories in North Carolina, (1) the portion of the rate based on all risks, with the exception of wind and hail and (2) the portion of the rate based on the consideration of risks and the costs of reinsurance for wind and hail. The rates are to be posted by territory, on the Department of Insurance website, including the distinctions of the rates as described above.
Effective August 1, 2015, applying to filings by the Rate Bureau on or after that date.