NC S533

Modifies G.S. 58-45-47 to add issuance of post-event catastrophe bonds subject to Chapter 142 of the General Statutes as a financing option when an insurance Association determines a deficit event has occurred.

Authorizes member companies to impose a catastrophe recovery charge on residential and commercial property insurance policyholders statewide once the Association determines members have paid $1,000,000,000 in nonrecoupable assessments in any given year.

Catastrophe recovery charges are capped at 10% of the annual policy premium on any single policy and charged as a uniform percentage of written premiums as prescribed by the Commissioner.

Requires collected catastrophe recovery charges to be transferred directly to the Association on a periodic basis determined by the Association and ordered by the Commissioner.

Extends catastrophe recovery charge requirements to both the Association and the FAIR Plan for their policyholders.

Effective October 1, 2023, applying to contracts issued, amended, or renewed on or after that date.