NC S269

Adds cybersecurity insurance coverage to the Insurance Guaranty Association Act, defining it to include first and third-party coverage for data privacy 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 claims from policies originally issued by a member insurer but later transferred, merged, or assumed by another insurer that becomes insolvent

Grants the Association authority to appoint and direct legal counsel for claim defense, pay claims in any reasonable order, and contest settlements or judgments entered within 120 days prior to liquidation or based on default, fraud, or collusion

Clarifies that an insured's net worth for purposes of the $50 million threshold (which excludes claims from coverage) includes the aggregate net worth of the insured and all subsidiaries and affiliates calculated on a consolidated basis