NC S395

Creates the North Carolina Citizens' Property Insurance Board with 11 members appointed by the Governor, General Assembly, and industry organizations to review property insurance rates and provide public input in the ratesetting process.

Board members include two public appointees, four legislative appointees, a real estate broker, general contractor, real property attorney, actuary, and climatology expert with tropical cyclone modeling experience.

Grants the Board authority to review and recommend on rate reasonableness, petition the Commissioner to investigate rates, review policyholder complaints, and intervene in Department of Insurance proceedings and appeals involving homeowners and dwelling insurance rates.

Requires the North Carolina Rate Bureau to provide the Board with rate filing information and supporting analysis upon request, with confidential materials protected from public disclosure.

Board shall submit annual reports to the Joint Legislative Commission on Governmental Operations beginning in 2012 assessing whether property insurance rates are excessive, inadequate, unreasonable, or unfairly discriminatory.