NC H1053

Requires the Rate Bureau to present data from more than one catastrophe model when submitting property insurance rate filings with the Commissioner.

Mandates the Rate Bureau develop an optional residential property insurance policy form or endorsement that excludes coverage for windstorm and hail perils, with required notice to policyholders.

Establishes a public comment period of at least 30 days before a notice of hearing is issued on property insurance rate filings, with all comments shared with the Rate Bureau.

Creates a detailed prehearing conference process for property insurance rate filings using catastrophe models, allowing the Department of Insurance full discovery of all modeling materials and data marked confidential.

Requires property insurance rate filings to include specific supporting data on catastrophe model simulations and reinsurance costs, with reinsurance costs based only on North Carolina-specific coverage for the line of business being filed.

Directs the Rate Bureau and Department of Insurance to study geographic rating territories by the 2013 General Assembly, examining whether territories are actuarially sound, fair, and whether modern alternatives exist.