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

Amends the long title.

Deletes proposed GS Chapter 58, Article 10, Part 10, Property Insurance Rate Clarity. 

Deletes proposed changes to GS 58-36-20, concerning Commissioner approval of rate levels.

Enacts GS 58-36-15(d2), directing the Rate Bureau to submit and report specified information on losses related to homeowner's insurance rate filings, including direct incurred losses, direct earned premiums, house years, and statewide expenses for the most recent five years. Requires submission of catastrophic wind and hail information. Requires the Department of Insurance (Department) to post all information received on its website. Also provides that information reported is considered a trade secret and must be treated as confidential information. Sets out procedures and requirements for the release of the information pursuant to a court order.

Amends proposed GS Chapter 58, Article 45A, Recovery Finance Authority, to include loss adjustment expenses as one of the expenses that is considered in calculating deficits for the purposes of receiving funding from the NC Recovery Finance Authority. Makes conforming changes. 

Amends GS 58-45-47, concerning deficit events, making technical and clarifying changes. Provides that catastrophe recovery charge amounts remaining after payment of debt must first be remitted to the NC Recovery Finance Authority for expenses incurred and then any remaining charge amounts must go to the NC Insurance Underwriting Association (was, must be refunded to policyholders as approved). 

Amends GS 159-89 and 159-96, replacing references to the "NC Guaranty Association" with "NC Insurance Underwriting Association."

Amends GS 58-36-30(b) concerning deviations in certain rates established by the Rate Bureau, to provide that the subsection only applies to insurance nonfleet private passenger motor vehicles coverage, with the exception of liability coverage (previously, only applied to insurance against theft for physical damage to nonfleet private passenger motor vehicles and for loss costs and residual market rate filings for workers' compensation and employers' liability insurance written in connection with those loss costs and rate filings). Requires insurers to give reasonable notice to the insured by including the specified language in 10 point type on the insured's written consent to rate form. Requires the form to be included on any renewal of or endorsement to the policy for any subsequent rate increase about the manual rate following the initial written consent of an insured, provided that no further written consent is required after the initial consent to rate is received (was, no written consent of the insured was required on any renewal or endorsement of a policy if the policy stated that the rates are greater than those applicable in North Carolina).