Home, Auto, & Moped Insurance Bills Pass North Carolina Legislature
With the 2015 long session grinding away in the North Carolina legislature, many of the bills important to the insurance industry have been in a holding pattern. There have been only a few exceptions:
Moped Insurance Bill Passes:
The Senate voted 39-8 this week to require those who ride mopeds on public streets to carry insurance starting July 1, 2016. The bill had previously passed the house, and now awaits signature from the Governor.
Auto Bills Update:
As previously reported, three automobile related bills were introduced earlier this session. HB497 and HB498 failed to make crossover and will not be taken up by the Senate. HB496 is in the Senate Ways and Means Committee, and no action has been taken. HB496 (Collins) SURCHARGE TRANSPARENCY - involves being transparent on all auto policies regarding the reinsurance surcharges. HB496 passed the House Insurance Committee with a few changes that would place the "Premium Clean Risk Surcharge" on the declarations page of auto policies starting in January of 2017.
HB497 (Collins) SDIP OPT-OUT - would have allowed for companies to file and use driver specific incentive plans outside of the Rate Bureau.
HB498 (Collins) DEPOPULATE - would provide for a two-year phase out of the "Clean Risk" classification being written in the reinsurance facility.
Property Insurance Fairness:
IIANC actively worked with a number of other industry groups in getting several important changes to HB182, the Property Insurance Fairness bill. The Senate Insurance Committee is taking a close look at the bonding component of HB182, and there are mixed thoughts on how to proceed. IIANC representatives met yesterday with Commissioner Goodwin on this issue, and continue to work closely with the NCDOI on a number of legislative and regulatory matters.