H.B. 240 Summary

• Exempts health insurance companies from certain outdated risk exposure requirements to expand insurance choices in North Carolina.

• Removes the photograph identification requirement for new domestic insurance companies while maintaining fingerprint and background check requirements.

• Adjusts capital and surplus requirements for mortgage guaranty companies and removes the July 1, 2015 expiration date on Commissioner waivers.

• Revises risk-based capital requirements and financial condition standards for insurers to maintain North Carolina's NAIC accreditation, including new standards for reserve adequacy and affiliate transactions.

• Makes multiple clarifying changes regarding health insurance external review timelines, blanket accident and health insurance coverage eligibility, motor vehicle definitions, public adjuster communications, and disaster-related insurance claim procedures.