Bill Summary for H 496 (2015-2016)
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Bill: SURCHARGE TRANSPARENCY.
Summary date:
Apr 29 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
House committee substitute makes the following changes to the 1st edition:
Amends GS 58-37-40(f) concerning certain North Carolina 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 at the time of policy issuance and renewal on the declaration page or renewal notice approved by the Commissioner of Insurance, appearing below the coverage and premium information in the exact language as specified.