Bill Summary for H 496 (2015-2016)
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Bill: SURCHARGE TRANSPARENCY.
Summary date:
Apr 2 2015
Bill Information:
| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO PROVIDE THAT NORTH CAROLINA AUTO INSURANCE SURCHARGES IMPOSED TO SUBSIDIZE THE LOSSES OF THE NORTH CAROLINA MOTOR VEHICLE REINSURANCE FACILITY BE CLEARLY COMMUNICATED TO POLICYHOLDERS.Intro. by Collins.
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Bill summary
Identical to S 428 filed on 3/25/15.
Amends GS 58-37-40(f) concerning certain NC auto insurance surcharges, providing that such surcharges imposed to subsidize the losses of the NC Motor Vehicle Reinsurance Facility must be itemized and displayed to the policyholder in substantially the same manner as the applicable premium charge is displayed in communications with the policyholder.
Effective when the act becomes law, applying to motor vehicle insurance policies issued or renewed on or after January 1, 2017.