Bill Summary for H 287 (2015-2016)
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Bill: AMEND INSURANCE LAWS.-AB
Summary date:
Jun 21 2016
Bill Information:
| 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 4th edition.
Deletes the proposed revision to GS 58-36-87, concerning affiliate transfer of policies, which removed the expiration note in the title. Instead repeals SL 2015-264, Section 44.5(b), which provided for the expiration of the statute on June 30, 2016.
Makes technical changes to the effective date provisions.
Provides that Section 1.3 which contains the changes to GS 58-36-30, GS 58-36-10, and GS 58-36-15, is effective October 1, 2017, and makes the section applicable to policies issued, renewed, or amended on or after that date, and applicable to filings submitted on or after that date.