Bill > H737

This bill encompasses a wide range of insurance and regulatory modifications across multiple areas of North Carolina law. The bill eliminates mandatory training course requirements for insurance producer licensure, allowing individuals to become licensed without completing specific education courses. It clarifies the cap on insurance referral fees for non-licensed individuals, maintaining a $50 maximum for referrals. To maintain the National Association of Insurance Commissioners (NAIC) accreditation, the bill introduces new requirements for group capital calculations and liquidity stress tests for insurance holding companies, which involve detailed reporting and potential exemptions based on specific criteria. The bill also revises the North Carolina Professional Employer Organization Act by updating financial definitions, modifying licensing requirements, and adjusting financial reporting standards. Additionally, the legislation makes changes to the Insurance Guaranty Association Act, clarifies permitted trade practices regarding insurance rebates, updates laws about business exchanges between insurance producers, addresses continuous liability coverage for inexperienced drivers, places restrictions on residential lease requirements for renters insurance, and allows policy cancellation upon credit card premium payment chargebacks. The bill touches on numerous technical and substantive aspects of insurance regulation, aiming to streamline processes, enhance transparency, and provide more flexibility for insurance professionals and consumers.

Budget and Finance, Business and Industry, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H737