Enacts new GS 58-40-26 to direct the Commissioner of Insurance (Commissioner) to establish and implement a comprehensive classification rating plan for professional liability insurance for physicians in North Carolina. Prohibits any classification plan or any insurer from basing any standard or rating plan for professional liability insurance, in whole or in part, directly or indirectly, on the specialty or type of medicine practiced. Specifies that the risk pool, with regard to establishing rates, will be based on the pool of all physicians licensed and practicing medicine in the state. Defines physician, as used in the statute, and lists exemptions from the statute’s application.
Directs the Commissioner to amend or adopt rules to implement the act.
Effective October 1, 2011, and applicable to policies issued or renewed on or after that date.