AN ACT TO MAINTAIN NAIC ACCREDITATION OF THE DEPARTMENT OF INSURANCE BY MAKING REVISIONS TO THE LAWS GOVERNING INSURANCE COMPANY HOLDING SYSTEMS, RISK‑BASED CAPITAL REQUIREMENTS FOR LIFE INSURERS, AND CORPORATE GOVERNANCE REQUIREMENTS FOR RISK RETENTION GROUPS; AND TO MAKE CONFORMING AND CLARIFYING CHANGES TO THE LAWS GOVERNING MOTOR VEHICLE FINANCIAL RESPONSIBILITY AND AUTO AND HOMEOWNERS' INSURANCE OPTIONAL PROGRAM ENHANCEMENTS, AS RECOMMENDED BY THE DEPARTMENT OF INSURANCE.
Senate committee substitute makes the following changes to the 2nd edition.
Amends GS 58-19-5 to make a technical change.
Amends GS 58-19-25 by deleting the provision that required the Commissioner of Insurance to give all parties in interest notice and opportunity to be heard, and make specific findings of fact, before disallowing a disclaimer of affiliation.
Adds a section amending GS 20-309(a) to permit proof of insurance to be satisfied by producing records of insurance in either physical or electronic format. Effective when the act becomes law.
Enacts new GS 58-36-43 to authorize 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. Sets out additional guidelines for the optional enhancements. Effective July 1, 2015, and applies to optional enhancements filed and approved after that date.
Changes the act's long title.
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