§ 58-41-1 – Short title.
58-41-1. Short title. This Article is known and may be cited as the Insurance Regulatory Reform Act. (1985 (Reg. Sess., 1986), c. 1027, s. 14.)
§ 58-41-10 – Scope.
58-41-10. Scope. (a) Except as otherwise provided, this Article applies to all kinds of insurance authorized by G.S. 58-7-15(4) through (14) and G.S. 58-7-15(18) through (22), and to all insurance companies licensed by the Commissioner to write those kinds of insurance. This Article does not apply to insurance written under Articles 21, 26, 36, 37, […]
§ 58-41-15 – Certain policy cancellations prohibited.
58-41-15. Certain policy cancellations prohibited. (a) No insurance policy or renewal thereof may be cancelled by the insurer prior to the expiration of the term or anniversary date stated in the policy and without the prior written consent of the insured, except for any one of the following reasons: (1) Nonpayment of premium in accordance […]
§ 58-41-20 – Notice of nonrenewal, premium rate increase, or change in coverage required.
58-41-20. Notice of nonrenewal, premium rate increase, or change in coverage required. (a) No insurer may refuse to renew an insurance policy except in accordance with the provisions of this section, and any nonrenewal attempted or made that is not in compliance with this section is not effective. This section does not apply if the […]
§ 58-41-25 – Notice of renewal of policies with premium rate or coverage changes.
58-41-25. Notice of renewal of policies with premium rate or coverage changes. (a) If an insurer intends to renew a policy, the insurer must furnish to the insured the renewal terms and a statement of the amount of premium due for the renewal policy period. This section applies only if the insurer intends to decrease […]
§ 58-41-30 – Loss of reinsurance.
58-41-30. Loss of reinsurance. An insurer may cancel or refuse to renew a kind of insurance when the cancellation or nonrenewal is necessary because of a loss of or substantial reduction in applicable reinsurance, by filing a plan with the Commissioner pursuant to the requirements of this section. The insurer’s plan must be filed with […]
§ 58-41-40 – No liability for statements or communications made in good faith; prior notice to insurance producers.
58-41-40. No liability for statements or communications made in good faith; prior notice to agents or brokers. (a) There is no liability on the part of and no cause of action for defamation or invasion of privacy arises against any insurer or its authorized representatives, agents, or employees, or any licensed insurance agent or broker, […]
§ 58-41-45 – Termination of writing kind of insurance.
58-41-45. Termination of writing kind of insurance. (a) Except as provided in G.S. 58-41-30, no insurer may terminate, by nonrenewals, an entire book of business of any kind of insurance without 60 days prior written notice to the Commissioner; unless the Commissioner determines that continuation of the line of business would impair the solvency of […]
§ 58-41-5 – Legislative findings and intent.
58-41-5. Legislative findings and intent. (a) Due to conditions in national and international property and liability insurance markets, insureds in the United States have experienced unprecedented in-term cancellations of existing policies for entire books of business, have been afforded little or no notice that existing policies would not be renewed at their expiration dates, or […]
§ 58-41-50 – Policy form and rate filings; punitive damages; data required to support filings.
58-41-50. Policy form and rate filings; punitive damages; data required to support filings. (a) With the exception of inland marine insurance that is not written according to manual rates and rating plans, all policy forms must be filed with and either approved by the Commissioner or 90 days have elapsed and he has not disapproved […]
§ 58-41-55 – Penalties; restitution.
58-41-55. Penalties; restitution. In addition to criminal penalties for acts declared unlawful by this Article, any violation of this Article subjects an insurer to revocation or suspension of its license, or monetary penalties or payment of restitution as provided in G.S. 58-2-70. (1985 (Reg. Sess., 1986), c. 1027, s. 14; 1999-132, s. 9.1.)