NC H720

Adds cybersecurity insurance coverage to the Insurance Guaranty Association Act, defining it to include first and third-party coverage for data breaches, ransomware, cyber extortion, identity theft, and similar exposures

Caps the Association's obligation for cybersecurity insurance claims at $500,000 for all first and third-party claims arising from a single insured event, regardless of the number of claims or claimants

Expands the definition of "covered claim" to include claim obligations that were transferred, merged, or assumed by another insurer if the original member insurer has no remaining obligations and the assuming insurer becomes insolvent

Grants the Association authority to review and contest settlements, releases, and judgments made within 120 days prior to liquidation, and to set aside judgments based on insurer default, fraud, or collusion

Clarifies that net worth calculations for the $50 million threshold (above which claimants are excluded from coverage) must include the aggregate net worth of the insured and all subsidiaries and affiliates on a consolidated basis