Senate Bill 496 - DOI Omnibus Bill Summary

• Insurance Producer Terminology: Replaces "agent" and "broker" terminology with "insurance producer" throughout the insurance code to standardize licensing and regulatory language.

• Self-Insurance as Financial Responsibility: Allows self-insurance certificates to serve as proof of financial responsibility for drivers license issuance and vehicle operation, expanding proof options under G.S. 20-279.33.

• Replacement Cost Estimator Confidentiality: Prohibits lenders from requiring insurance companies to disclose replacement cost estimators or proprietary business information as a condition for lending secured by real property.

• Transportation Network Company Insurance: Reduces primary automobile liability insurance requirements for TNC drivers engaged in service from $1.5 million to $1 million, effective October 1, 2022.

• Technical Amendments: Makes numerous clarifying changes to insurance laws including updates to reinsurance facility board appointments, home inspector examination timelines, and various reporting deadlines for insurance entities.