NC S271

Repeals G.S. 58-63-15(8)b.4 and G.S. 58-63-16, consolidating insurance rebate exceptions into a single statutory location

Permits insurers and producers to offer value-added products or services at no or reduced cost when related to insurance coverage, including loss mitigation, claim cost reduction, health enhancement, financial wellness education, and risk assessment tools

Allows noncash gifts, meals, or charitable donations on behalf of customers up to $250 per policy term, provided the offer is not unfairly discriminatory and does not require policy purchase

Authorizes insurers and producers to conduct drawings or raffles with prizes up to $250, open to the public without requiring insurance purchase

Effective upon becoming law and applies to insurance contracts issued, renewed, or amended on or after that date