NC S343

Establishes the Communications Regulatory Reform and Investment Act of 2011, creating a new alternative regulation option for local exchange companies under G.S. 62-133.5(l).

Allows local exchange companies that forgo state universal service funding and operate in competitive areas to elect immediate deregulation of retail service rates, terms, and conditions regardless of technology used.

Eliminates carrier of last resort obligations for local exchange companies electing alternative regulation under the new subsection (l).

Exempts electing companies from tariffing requirements and rate constraints while preserving Commission jurisdiction over federal marketing rules, telecommunications relay service, Life Line/Link Up programs, universal service funding, and wholesale services.

Allows elected companies to cease annual reporting to the General Assembly after the third anniversary of their election to alternative regulation.