NC H820

Creates a 14-member Joint Legislative Study Commission on Coastal Property Insurance Rates, including the Insurance Commissioner, industry representatives, legislators, and coastal area residents.

Commission shall study the feasibility of replacing the North Carolina Insurance Underwriting Association with a statewide catastrophic fund for natural disaster risks.

Commission shall review coastal insurance rates, rate-setting methodologies, probable maximum loss calculations, and mitigation credits offered by the North Carolina Insurance Underwriting Association.

Commission shall examine whether coastal property owners should have the option to self-insure by declining wind and hail coverage when no third party has an insurable interest in the property.

Commission shall submit an interim report to the 2012 Regular Session and a final report to the 2013 Regular Session before terminating; becomes effective July 1, 2011.