SB 452 Summary

• Clarifies North Carolina surplus lines insurance definitions and requirements, including establishing a new category for "nonadmitted domestic surplus lines insurers" and specifying what types of insurance cannot be placed through surplus lines

• Increases insurance guaranty association coverage limits from $300,000 to $500,000 for covered claims, effective October 1, 2023

• Increases minimum motor vehicle liability insurance limits from $30,000/$60,000/$25,000 to $50,000/$100,000/$50,000 and raises deposit requirements for proof of financial responsibility from $85,000 to $150,000, effective January 1, 2025

• Comprehensively revises high school interscholastic athletics oversight by transferring authority from the State Board of Education to the Superintendent of Public Instruction and establishing requirements for administering organizations, independent appeals boards, and athletic eligibility rules including biological sex-based team designations

• Makes various technical corrections to insurance laws, increases criminal penalties for insurance fraud, authorizes insurance premium convenience fees up to 4%, and raises Beach Plan property insurance limits to $1,000,000 for residential and $4,000,000 for commercial properties