H.B. 298 - Insurance Amendments

• Allows Commissioner to contract with NAIC or other entities for online services, administrative services, and license processing; contractors may charge applicants and licensees reasonable fees in addition to license fees.

• Establishes Seniors' Health Insurance Information Program within the Department to provide Medicare beneficiaries counseling on Medicare, Medicare supplement insurance, long-term care insurance, and related health care coverage.

• Requires prior Commissioner approval of small group health insurance premium rate schedules before use; establishes 60-day approval timeline and requires actuarial certification of filings.

• Encourages child-only health insurance policies by requiring insurers offering nondependent child coverage to provide open enrollment either continuously or during January and July of each year without health-based riders.

• Modifies risk-based capital law to align with NAIC requirements by clarifying definitions of life/health insurers, health organizations, and property/casualty insurers; adds trend test triggers for property/casualty insurers.

• Exempts claims input employees handling portable electronic device insurance from adjuster licensing requirements if supervised by licensed adjuster or agent with no more than 25 supervised individuals.

• Reduces regulatory burden on North Carolina Self-Insurance Security Association by eliminating Commissioner approval requirements for Plan of Operation, Board selections, and Association Aggregate Security System operations.