A BILL TO BE ENTITLED AN ACT TO REQUIRE DISCOUNTS ON COASTAL HOMEOWNERS INSURANCE FOR PROPERTY OWNERS LIVING IN AREAS WHERE THE STATE OR LOCAL GOVERNMENT HAS ENACTED STORM DAMAGE PREVENTION OR MITIGATION MEASURES.
Amends GS 58-45-45 adding a new subsection (e1) as the title indicates.
Directs the NC Insurance Underwriting Association (Association) to file a schedule of credits for policyholders that is based on the presence of storm damage and state or local government mitigation measures undertaken with regards to the insured property. Requires the Association to develop rules for the operation of the schedule of credits and the mitigation program with approval from the Commissioner of Insurance. Calls for an annual review of the schedule and asserts that the schedule is not to be unfairly discriminatory. Requires that the results from the annual review be included in the Association's annual report to the Commissioner. Defines "storm damage prevention and mitigation measures" for the purpose of this new subsection.
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