Senate Bill 615 Summary

• Requires property insurers to annually submit direct incurred losses, policies in force, and earned premiums data to the Department of Insurance by rate territory, with aggregated data posted publicly by June 1 each year.

• Grants the Insurance Commissioner authority to issue orders disapproving excessive property insurance rates and specifying appropriate rate levels in rate-making proceedings.

• Caps agent and broker commissions for North Carolina Insurance Underwriting Association (beach plan) policies at 10% of written premium, effective October 1, 2013.

• Increases the nonrecoupable assessment cap for the beach plan from $1 billion to $1.2 billion for losses incurred in any given calendar year.

• Exempts insurance premiums paid for beach plan policies from the North Carolina gross premium tax, effective July 1, 2013.