Bill Summaries: S 690 PROPERTY INSURANCE RATE-MAKING REFORM.

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  • Summary date: Apr 4 2013 - View Summary

    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.