Bill Summaries: H221 RATE-MAKING AMENDMENTS.-AB

Tracking:
  • Summary date: May 7 2019 - More information

    House amendment #1 makes the following changes to the 4th edition.

    Modifies the proposed changes to GS 58-36-65, Classifications and Safe Driver Incentive Plan (Plan), for nonfleet private passenger motor vehicle insurance. Eliminates the proposed changes to subsection (i), modifying the definition of conviction, to instead maintain the term's existing definition, which cross-references state law.


  • Summary date: May 6 2019 - More information

    House committee substitute to the 3rd edition makes the following changes.

    Modifies the proposed changes to GS 58-36-65, Classifications and Safe Driver Incentive Plan (Plan) for nonfleet private passenger motor vehicle insurance. Eliminates the proposed changes to subsection (j) and (k) regarding premium surcharges. Makes conforming changes.


  • Summary date: May 6 2019 - More information

    House committee substitute to the 2nd edition makes the following changes.

    Further amends GS 58-36-65, Classifications and Safe Driver Incentive Plan (Plan) for nonfleet private passenger motor vehicle insurance. Eliminates the proposed addition to subsection (k), and proposed subsection (k1), which allowed a subclassification plan to provide for premium surcharges for insureds having less than eight years' licensed driving experience, applicable to insureds receiving a first driver's license on or after October 1, 2019, and provided for a safe driver discount after three years.


  • Summary date: Apr 11 2019 - More information

    House committee substitute to the 1st edition makes the following changes.

    Further amends GS 58-36-65, Classifications and Safe Driver Incentive Plan (Plan) for nonfleet private passenger motor vehicle insurance. Amends subsection (i) to now define conviction to mean a plea of guilty, a plea of no contest, or the determination of guilt by a jury or by a court, even if no sentence has been imposed or, if imposed, has been suspended, and includes forfeiture of bail or collateral deposited to secure appearance in court of the defendant, unless the forfeiture has been vacated (was defined as in GS 20-279.1, which no longer defines the term). Maintains that conviction also means an infraction, as defined. Makes clarifying changes to the proposed changes to subsections (j) and (k) regarding surcharges.


  • Summary date: Feb 27 2019 - More information

    Identical to S 133, filed 2/26/19.

    Amends GS 58-36-10 concerning the method of insurance rate making. Requires that due consideration be given to investment income from capital and surplus by the NC Rate Bureau in making and using rates. 

    Makes organizational and clarifying changes to GS 58-36-43(a) regarding the authorization of optional program enhancements which do not alter coverage under the NC Rate Bureau's jurisdiction. Adds a new prohibition against a company conditioning any rating criteria upon the acceptance by the policyholder of any authorized optional automobile or homeowners' enhancements. Repeals GS 58-36-43(b), thereby eliminating the requirement for insurers to utilize certain statistical codes in reporting premiums and losses resulting from program enhancements filed under the statute. 

    Amends GS 58-36-65, Classifications and Safe Driver Incentive Plan (Plan) for nonfleet private passenger motor vehicle insurance. Amends subsection (j), requiring subclassification plan surcharges for convictions for which four or more points under the Plan are assigned to be applied to a policy for a period of five policy years (all other subclassification plan surcharges are to be applied to a policy for a period of three policy years, as currently provided in the statute). Excludes convictions for speeding violations. Effective October 1, 2020.

    Amends subsection (k) of GS 58-36-65, allowing for the subclassification plan to provide for premium surcharges for insureds having less than eight years' driving experience as licensed drivers, applicable to insureds receiving a drivers license for the first time on or after October 1, 2019 (currently permits premium surcharges for insureds having less than three years' driving experience as licensed drivers). Makes conforming changes.

    Enacts new subsection (k1) in GS 58-36-65, providing licensed drivers subject to premium surcharges pursuant to subsection (k) for a period of eight years eligibility for an inexperienced safe driver discount after three full years of driving if the driver has no at-fault accidents or conviction on their driving record. Provides further parameters for the inexperienced safe driver discount. Requires the discount be filed by the NC Rate Bureau for approval with the Commissioner of Insurance. Effective October 1, 2019.


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