NC S690

Requires property insurance rate filings that use catastrophe models to present data from more than one commercial hurricane simulation model instead of a single model.

Mandates detailed supporting data in catastrophe model-based rate filings, including event identifiers, simulation years, landfall information, gross and net North Carolina damages, and demand surge adjustments.

Requires the Rate Bureau to transition by January 1, 2015 to a two-tier rate system separating statewide noncatastrophe premiums from catastrophe-related wind and hail premiums in all rate communications to policyholders.

Establishes that the first rate tier is set statewide based on all risks except catastrophe-related wind and hail, with territorial exceptions only if data supports at least 15% rate differential from the statewide rate.

Requires inclusion of annual historical hurricane loss and exposure data by territory from 1987 forward, and statistical comparisons between historical loss data and simulated losses in rate filings.