HB 182 – Property Insurance Fairness Act
House Bill 182, Property Insurance Fairness Act, is scheduled for a floor vote in the House on Tuesday, May 12, 2015. HB 182 received unanimous support from the House Insurance Committee and the House Finance Committee.
HB 182 will increase fairness and transparency in the homeowners insurance rate-making process. The bill:
- Protects consumers who receive consent to rate letters by giving homeowners more clarity on the implications of their signature to their policy and by requiring 30 days’ notice for policy changes.
- Provides the NC Insurance Underwriting Association the authority to issue tax-exempt bonds to cover losses and requires catastrophic modeling to more accurately reflect potential and historical losses in North Carolina.
- Creates the Joint Legislative Study Committee on Property Insurance Rate-Making, which will be tasked with conducting research and making recommendations for additional reforms to the rate-making process.
