NC S124

Establishes a five-business-day cancellation period for residential roof replacement or repair contracts following an insurance claim denial, during which sellers cannot begin work or collect payment.

Allows residential roofing contractors to collect payment for emergency services rendered if the insured acknowledges in writing that the services are necessary to prevent further damage.

Permits insurers, insurance producers, and limited representatives to offer products or services up to $250 per person per year in connection with marketing, purchasing, or retaining insurance contracts.

Caps commissions and referral fees paid to unlicensed individuals for referring insurance business to licensed agents or brokers at $50 in value, with violations subject to fines up to $2,000 per violation.

Becomes effective October 1, 2024, with provisions regarding roof contracts and insurance referral fees applying to transactions entered into or made on or after that date.