NC S587

Defines "residential property and casualty insurance" as insurance for residential real property with not more than four housing units in North Carolina and related coverages.

Requires insurers to complete underwriting investigations and bill for proper rating within 90 days of a new policy's effective date, and prohibits denial of claims based on underwriting conducted after the policy became effective.

Prohibits insurers from billing for additional premiums on renewal policies for any conditions that existed at the time of renewal quotation.

Directs the Commissioner of Insurance to adopt permanent rules consistent with these requirements, which must be substantively identical to the provisions in the bill.

Becomes effective October 1, 2021, and expires when the Commissioner's permanent rules become effective.