H288 - Insurance Technical Changes. (SL 2015-146)

Overview: S.L. 2015-146, as amended by Sec. 13 of S.L. 2015-281, amends North Carolina's insurance laws governing (i) insurance company holding systems, (ii) risk-based capital requirements for life insurers, and (iii) corporate governance requirements for risk retention groups that are required to be enacted by 2017 to allow the Department of Insurance to maintain its accreditation with the National Association of Insurance Commissioners (NAIC). The changes include the incorporation of model act provisions from the NAIC and sections from North Carolina's Administrative Code and various technical and substantive statutory changes recommended by the Department.

This act also adds a new section to The Vehicle Financial Responsibility Act which allows proof of financial responsibility to be shown in a physical or electronic format and also creates a new law allowing automobile insurers to file individually with the Commissioner of Insurance for approval of optional enhancements to their automobile or homeowners' policies.

This act has multiple effective dates. The provisions of this act pertaining to insurance company holding systems became effective July 1, 2015. The provision of this act pertaining to risk-based capital requirements for life insurers becomes effective January 1, 2017. The provision of this act pertaining to optional enhancements became effective July 1, 2015, and applies to optional enhancements, as described in that section, filed, and approved on or after that date. Except as otherwise provided, the remainder of this act became effective July 13, 2015.