Amends GS 58-3-145(1) to allow an insurer, agent, or broker to accept an insurance premium payment by credit card if the insurer complies with the prohibition against unfair discrimination under GS 58-3-120 (clarifies current law) and satisfies other existing conditions.
Enacts subsection (6) to GS 58-58-135, which defines group life insurance, to add group policies that satisfy the following three requirements. (1) One of the following descriptions is true about the policy: (a) the Commissioner of Insurance finds that issuance of the group policy is not contrary to the public’s best interests, would result in economies of acquisition or administration, and has a reasonable benefit/premium balance, or (b) another state has approved the policy under requirements substantially similar to those previously listed and the Commissioner has not disapproved the policy. (2) Requires the policy premium be paid from either the policyholder’s funds or funds contributed by the covered persons, or both. (3) Allows an insurer to exclude or limit coverage on any person due to unsatisfactory individual insurability. Makes a conforming change.
Effective October 1, 2011.