Amends GS 58-36-10 changing "may" to "shall," requiring consideration to be given to the experience of property insurance business during the most recent five-year period for which that experience is available in the case of property insurance rates under this Article.
Amends GS 58-36-10 to add the requirement that if the Rate Bureau presents any modeled hurricane losses with a property insurance rate filing, the Bureau must present data from more than one such model.
Amends GS 58-36-15, adding subsections (d2) and (d3). Subsection (d2) requires a minimum amount of supporting data to be included in any property insurance rate filing where a catastrophe model is used. Subsection (d3) requires the Rate Bureau, no later than January 1, 2015, to transition to a two-tier system for property insurance rate filings for policies issued or renewed after that date. A policy holder's total rate for property insurance will then be the sum of the two rate tiers meeting all of the enumerated requirements in (d3)(1-2).
Effective July 1, 2013.
Bill Summary for H 519 (2013-2014)
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Summary date:
Apr 2 2013
Bill Information:
| View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO INCREASE THE FAIRNESS AND EQUITY OF THE PROPERTY INSURANCE RATE-MAKING PROCESS BY PROVIDING FOR GREATER TRANSPARENCY REGARDING THE ROLE OF CATASTROPHE MODELING IN PROPERTY INSURANCE RATE FILINGS; AND BY PROVIDING THAT MODELED LOSSES IN A PROPERTY RATE FILING BE PROPERLY ALLOCABLE TO NORTH CAROLINA; AND BY REQUIRING THE RATE BUREAU TO DESIGNATE IN A FILING THAT PORTION OF THE RATE IN EACH TERRITORY ALLOCABLE TO WIND AND HAIL.Intro. by Tine, Dockham, Hamilton, Iler.
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Bill summary
Identical to S 690, filed 4/2/13.