NC H498

Allows insurers writing nonfleet private passenger motor vehicle liability insurance to deviate from Bureau rates if filed with the Commissioner and based on sound actuarial principles, with rate deviations taking effect upon filing rather than requiring pre-approval.

Eliminates the "clean risk" subclassification in the North Carolina Reinsurance Facility over a two-year period (January 1, 2016 through December 31, 2018) by phasing out the preferential rate structure and bringing rates to actuarially sound levels.

Authorizes insurance companies to offer optional program enhancements to private passenger automobile policies as endorsed riders outside Rate Bureau jurisdiction, provided the enhancements are filed and approved by the Commissioner.

Prohibits insurers from conditioning policy acceptance, renewal, or underwriting rating on a policyholder's acceptance of optional automobile enhancements.

Specifies that premiums and losses from optional program enhancements shall not be included in statistical data submitted to the Rate Bureau for rate-making purposes.