NC H472

Allows insurance companies to offer optional program enhancements to auto insurance policies as endorsements, subject to Commissioner approval, with any associated premiums based on actuarial principles.

Permits optional program enhancements to be priced outside Rate Bureau jurisdiction and requires enhancements be reported separately in annual statements.

Changes the classification factor for private passenger auto insurance from "years of driving experience" to "whether any licensed drivers are under 19 years of age," allowing age-based rate adjustments for young drivers.

Modifies the definition of "clean risks" in the Facility from requiring two years of driving experience to requiring all drivers be 18 years of age or older.

Becomes effective July 1, 2013, for policies issued or renewed after that date.