NC S716

Creates a 14-member Joint Legislative Study Commission on Property Insurance Rate Making to examine citizen input in property insurance rate setting, rate approval processes, and appeals procedures.

Commission membership includes the Insurance Commissioner (ex officio), representatives from the Rate Bureau and Insurance Underwriting Association, three gubernatorial appointees (including one from coastal areas), four House appointees (including three legislators and one actuary), and four Senate appointees (including three legislators and one insurance agent representative).

Commission shall study feasibility of replacing the North Carolina Rate Bureau with market-based rate setting or a regulatory commission; adequacy of legislative oversight and Commissioner duties; whether an independent board should be created for citizen advocacy in rate appeals; and sufficiency of public information on rate-setting processes.

Commission must submit an interim report before the 2012 General Assembly reconvenes and a final report before the 2013 General Assembly convenes, including findings, recommendations, and legislative proposals.

Commission terminates upon filing its final report or upon convening of the 2013 General Assembly, whichever occurs first; funding provided from General Assembly appropriations for fiscal years 2011-2012 and 2012-2013.