Bill Summary for S 270 (2021-2022)
Apr 28 2021
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AN ACT REVISING THE VERIFICATION OBLIGATIONS OF AN INSURER AND ITS AGENT WITH RESPECT TO RATE EVASION FRAUD; RECODIFYING CERTIFICATE OF INSURANCE PROVISIONS; AND ESTABLISHING A CIVIL PENALTY FOR THE FRAUDULENT PREPARATION, ISSUANCE, REQUESTING, OR REQUIREMENT OF A CERTIFICATE OF INSURANCE.Intro. by Johnson.
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Senate amendment amends the 2nd edition as follows.
Amends the proposed changes to GS 58-2-164 to specify that the insurer and its agent can satisfy the verification requirements for applicants under subdivision (c) by, within 25 days of coverage binding (was, within 10 business days of coverage binding), obtaining from the applicant reliable proof of NC residency and the applicant's status as an eligible risk.