NC S272

Establishes mutual and exclusive ownership of policy expirations and policyholder information between insureds and the insurance producers who compiled the information.

Grants independent insurance producers exclusive use of expirations they compile for soliciting, selling, or negotiating renewal or sale of insurance coverage, products, or services without express written consent from insurers, managing general agents, surplus lines brokers, wholesale brokers, or third-party administrators.

Exempts exclusive agents (those receiving 75% or more commissions or placing 75% or more policies with one company or affiliated group), whose rights are determined by their contract with the company.

Allows insurers to continue using expirations in specific circumstances including: insured's direct request for renewal, producer default on premiums, revoked or surrendered licenses, terminated contracts when legally required to continue coverage, and insurers' own separately created expirations.

Requires insurers to continue paying commissions to terminated producers at prevailing rates for policies renewed within 36 months or three years following termination, whichever is sooner.

Becomes effective October 1, 2021.