P&C Laws

In NC no insurer may issue a policy to a resident with limits less than

$30,000 BI or death of one person $60,000 Injury or death of two or more persons $25,000 for damage to property of others

"exceptions to the notice requirements"

-When an agent discloses a policyholder's personal information to an insurance institution solely for the purposes of renewal or modification of an existing policy. -An insurance institution is not required to provide the notice if the address is deemed invalid. -An insurance institution may provide a single notice if a policy is jointly owned.

Adverse underwriting decisions include:

-declinations of insurance coverage -termination of insurance coverage -failure of an agent to apply for insurance coverage with a specific insurance institution that an agent represents and that is requested by an applicant

How long does a North Carolina Agent have to notify the Department of Insurance in the event of a change in residence address?

10 business days

When an insurer makes changes to premium rates, the insurer must notify policy owners within how many days of the change?

15 days

Any licensee who ceases to maintain his residency in North Carolina shall deliver his insurance license or licenses to the Commissioner by personal delivery or by mail within

30 days after terminating residency

How many days does the insured have to request information concerning and adverse underwriting decision?

90 days

An employee is entitled to weekly benefits equal to 2/3 of his or her average weekly wage if he or she remains unable to earn wages after the

First 7 days of disability

An insurer may deviate from the rates promulgated by the Bureau if the insurer has filed the proposed deviation with the Bureau and the Commissioner......

If the proposed deviation is based on sound actuarial principles, and if the proposed deviation is approved by the Commissioner.

essential insurance coverage

Insurance against direct loss to property as defined in the standard statutory fire policy and extended coverage, vandalism and malicious mischief endorsements

If any person willfully misstates information, that person is guilty of a Class I felony; and the entity on whose behalf the person made the statement is subject to a fine imposed by the court of

Not less than $2,000 nor more $10,000.

Any agent or limited representative who signs any blank contract or policy of insurance is guilty of a Class 3 misdemeanor and, upon conviction, shall be punished

Only by a fine of not less than $1,000 nor more than $5,000.

the FAIR Plan

Provides property coverage to persons outside the standard markets

Postassessment Insurance Guaranty Association

provides protection for automobile insurance and workers compensation