Bill Summary for H 287 (2015-2016)
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| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO ENHANCE AND IMPROVE CONSUMER PROTECTIONS AND TRANSPARENCY RELATED TO MOTOR VEHICLE MAINTENANCE AND REPAIRS, LONG‑TERM CARE INSURANCE, AND CONSENT TO RATE; TO STUDY VOLUNTEER FIREFIGHTER RECRUITMENT AND RETENTION EFFORTS; TO INCREASE THE CRIMINAL PENALTY FOR LARGE‑SCALE FRAUD COMMITTED BY AN INSURANCE FIDUCIARY AND STRENGTHEN COMMERCIAL AUTO RATE EVASION REFORM; TO MAKE VARIOUS TECHNICAL AND POLICY CHANGES TO NORTH CAROLINA'S CAPTIVE INSURANCE LAW PROVISIONS; TO ENABLE THE ESTABLISHMENT OF A STATE‑BASED PRIVATE FLOOD INSURANCE MARKET; TO ENABLE INSURERS TO RECEIVE RESTITUTION FROM CONVICTED DEFENDANTS; TO EXEMPT CERTAIN ACCOUNTABLE CARE ORGANIZATIONS FROM DEPARTMENT REGULATION; AND TO MAKE OTHER AMENDMENTS TO INSURANCE LAWS, AS RECOMMENDED BY THE DEPARTMENT.Intro. by Setzer, Bumgardner.
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Bill summary
House committee substitute makes the following changes to the 2nd edition.
Amends the long title.
Amends proposed GS 58-50-40(c) to make an insurance fiduciary who violates his or her fiduciary duty and causes the cancellation or non-renewal of a group health or group life insurance plan guilty of a Class F felony (was, Class C felony) if the total value of the losses suffered is $100,000 or more.
Deletes proposed GS 20-309(c1), which permitted proof of insurance to be satisfied by producing records of insurance in either physical or electronic format.
Deletes proposed GS 58-36-43, which authorized member companies writing private passenger automobile or homeowner's insurance to incorporate optional enhancements to their automobile and homeowners' programs that do not alter coverage under rate bureau jurisdiction.
Enacts new GS 105-153.5(a)(2)c, concerning individual income taxes, to allow a deduction for investors that have incurred losses resulting from criminally fraudulent investment arrangements.