H361 - Principle-Based Reserving/Revise Insurance Laws (SL 2015-281)

Overview: S.L. 2015-281 does the following:

• Provides for a principle-based reserving approach to valuing life insurance reserves in North Carolina and makes conforming changes to the Standard Nonforfeiture Law.
• Makes clarifying and conforming changes to various provisions of North Carolina's insurance laws, as requested by the Department of Insurance.
• Revises North Carolina's insurance policy renewal provision.
• Amends the definition of "small employer."

This act has multiple effective dates. Please see the full summary for more detail.