Under current law, Article 89A of GS Chapter 58 is the North Carolina Professional Employer Organization Act (PEO). Amends GS 58-89A-60(d) to require that every applicant seeking a license or group license under this Article to provide professional employer services must provide the Commissioner of Insurance (Commissioner) with a complete set of fingerprints (was, also required submission of a recent photograph) for each officer, director, and controlling person in a form as prescribed by the Commissioner.

Amends GS 58-5-55(a) to require that all domestic non-stock insurance companies deposit their required statutory surplus with the Commissioner.

Amends GS 58-64-80 to modify the composition of the nine-member Continuing Care Advisory Committeeappointed by the Commissioner. Requires that there be two representatives of LeadingAge North Carolina (was, two representatives of the North Carolina Association of Nonprofits Homes for the Aging).

Amends GS 58-50-82(b)(1) to require that an insurer deliver requested information to the Commissioner no later than one day after the request was made (was, no later than one business day after the request was made). Effective January 1, 2016.

Amends GS 58-50-40(c) to make an insurance fiduciary who violates his or her fiduciary duty and causes the cancellation or non-renewal of a group health or group life insurance plan guilty of a Class C felony if the total value of the losses suffered is $100,000 or more or a Class H felony if the total value of the losses suffered is less than $100,000.

Amends GS 20-309(a) to permit proof of insurance to be satisfied by producing records of insurance in either physical or electronic format.

Amends GS 58-3-50, which requires companies to do business in their own name, emblem, insignia, and so forth except with limited exceptions requiring the approval of the Commissioner.

Enacts new GS 58-36-43 to authorize member companies writing private passenger automobile or homeowner's insurance to incorporate optional enhancements to their automobile and homeowners' programs that do not alter coverage under rate bureau jurisdiction. Sets out additional guidelines for the optional enhancements. Effective July 1, 2015, and applies to optional enhancements filed and approved after that date.

Authorizes the Department of Insurance to study and evaluate the need for and the expected impact of modernization in the Department's regulatory processes and requirements related to health insurance premium rate review. Includes the elements that the study must contain at minimum. Requires the Department to submit a report with its findings and recommendations to the 2015 General Assembly when it reconvenes in 2016. Provides that the report may include proposed legislation and any other recommendations necessitating legislative action. Authorizes the Commissioner to hire consultants to assist the Department in completing its duties in the study and the report. Appropriates $150,000 from the Insurance Regulatory Fund created under GS 58-6-25 to the Department for the 2015-16 fiscal year to conduct this study. Funds that are unspent and unencumbered as of June 30, 2017, will revert to the Regulatory Fund.

Except as otherwise noted, this act is effective when it becomes law.