NC S882

Direct the Department of Insurance to study consent to rate (CTR) deviations that allow insurers to charge consumers above Commissioner-approved maximum rates during the 2023-2024 fiscal year.

Require the study to report total policies with CTR deviations by type and new versus renewal status, rates charged, percentage above maximum, and criteria used by insurance companies to select consumers for deviations.

Mandate analysis of whether CTR deviations result in excessive or discriminatory rates and demographic data (including geographic location) of affected consumers without disclosing individual identities.

Require the Department of Insurance to conduct legal and actuarial analysis of homeowners insurance rate caps and whether CTR deviation data should be included in determining rate caps.

Appropriate $50,000 to the Department of Insurance for the 2024-2025 fiscal year and require submission of findings and recommendations to legislative committees by July 1, 2025; act becomes effective July 1, 2024.