House Bill 220 Summary

• Permits domestic insurers to invest up to 10% of admitted assets or 50% of policyholders' surplus in affiliates or subsidiaries, with Commissioner approval required for greater amounts.

• Changes surplus lines licensing requirements by eliminating quarterly reporting mandates, clarifying that reports are not public records, and adding compliance agreement documentation to required records.

• Expands immunity protections for receivers and their employees in insurance delinquency proceedings to include independent contractors such as attorneys, accountants, and auditors.

• Requires insurers charging rates exceeding North Carolina Bureau rates for automobile physical damage and residential property insurance to provide specific written notices to policyholders and retain consent-to-rate information for Commissioner review.

• Makes technical clarifications to external review procedures for health insurance appeals, bail bondsman licensing, prepaid health plans, Medicare supplement insurance, and state fire and rescue commission rule-making authority.