S299 - North Carolina Department of Insurance National Association of Insurance Commissioners' Accreditation. (SL 2021-114)

Overview: S.L. 2021-114 changes North Carolina's insurance laws to comply with the National Association of Insurance Commissioners' model laws (NAIC) and allow the North Carolina Department of Insurance (DOI) to maintain its NAIC accreditation.

Specifically, the act 1) codifies provisions from an agreement between the United States (U.S.), the European Union (EU), and the United Kingdom (UK) ("Covered Agreement") concerning the amount of required reinsurance collateral and local presence that reinsurers must maintain to do business in the other location and 2) establishes national standards governing reserves relating to life insurance policies. The act became effective September 1, 2021.