NC H519

Requires the Rate Bureau to present data from more than one commercial hurricane simulation computer model when submitting modeled hurricane losses with property insurance rate filings.

Mandates that property insurance rate filings using catastrophe models include specific supporting data including event identifiers, simulation years, landfall information, North Carolina damages (gross and net amounts with and without demand surge adjustments), and historical exposure and loss data by territory from 1987 forward.

Requires the Department to conduct statistical analysis comparing historical loss data with simulated losses used in rate filings upon request.

Directs the Rate Bureau to separately designate in residential property insurance rate filings the portion of the rate for each territory attributable to wind and hail versus all other risks.

Becomes effective July 1, 2013 and applies to Rate Bureau filings submitted on or after that date.