House committee substitute makes the following changes to 1st edition. Adds a new section GS 58-3-31, establishing the Seniors' Health Insurance Information Program within the Department of Insurance (Department) as a statewide health benefits counseling program to provide the state's Medicare beneficiaries with counseling in Medicare, Medicare supplement insurance, long-term care insurance, and related health care coverage plans.
Eliminates language in new GS 58-50-131(b), which allowed for the request of a hearing in the event the Commissioner of Insurance (Commissioner) disapproves a filing. Eliminates language in new GS 58-50-131(c), which directed the Commissioner to use incurred claims experience and earned premium as basis to establish minimum standards for loss ratios of policies subject to the statute. Replaces the term 'licensed producer' with 'licensed agent' in new GS 58-33-27. Clarifies that nothing in proposed GS 58-3-285(b) requires an insurer to offer nondependent child coverage or maternity coverage within an offer of nondependent child coverage. Creates a new subsection (c) to new GS 58-33-27, stating that if other property losses occur in conjunction with the loss associated with the portable consumer electronic device, the individual who performs duties as described in GS 58-33-10(2) on the total loss, including the loss associated with the portable consumer device, must hold an adjuster's license. Makes clarifying changes to proposed GS 58-33-27(b).
Adds new section to rewrite GS 97-130 to remove the approval of the Commissioner as necessary in the definition of 'Servicing Facility.' Adds new section to rewrite GS 97-131 to remove the approval of the Commissioner as necessary for the Association to perform functions under a Plan of Operation established or amended, or both, by the Board.
Clarifies that the Association must annually operate and provide an Association Aggregate Security System through a combination of cash on deposit in the Fund, securities, surety bonds, irrevocable letters of credit, insurance, reinsurance, or other financial instruments or guarantees owned or entered into by the Association. Makes a conforming change.
Adds new GS 58-8-36, clarifying that statewide multiline limited assessable mutual insurance companies are not subject to GS 58-33-85(b). Adds new subsection (b) to GS 58-64-85 providing that licensed facilities and
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providers that are also subject to the provisions of the North Carolina Condominium Act under GS Chapter 47C are not subject to the provisions of GS Chapter 39A if the facility's declaration of condominium does not require the payment of any fee or charge not otherwise provided for in a resident's contract for continuing care, or other separate contract for the provisions of membership or services.
Makes other technical, organizational, and clarifying changes. Makes conforming changes to the bill title.