HB 340 - Limited Lines Travel Insurance

• Allows the North Carolina Department of Insurance to license limited lines travel insurance producers to sell travel insurance through third-party travel retailers.

• Defines travel insurance as coverage for personal risks incident to planned travel including trip cancellation, baggage loss, accommodation damages, and medical emergencies during travel.

• Requires limited lines travel insurance producers to maintain a register of affiliated travel retailers, designate a licensed individual producer for compliance oversight, and ensure employees receive training on insurance types, ethical sales practices, and required disclosures.

• Permits unlicensed travel retailer employees to offer and disseminate travel insurance only under the supervision of a limited lines producer but prohibits them from evaluating coverage adequacy, interpreting policy terms, or holding themselves out as licensed insurance professionals.

• Exempts limited lines travel insurance producers and registered entities from examination and continuing education requirements under state insurance law, effective January 1, 2014.