Bill Text: NC H574 | 2013-2014 | Regular Session | Amended
Bill Title: Coastal Prop. Insurance Mitigation
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-04-04 - Ref To Com On Insurance [H574 Detail]
Download: North_Carolina-2013-H574-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
H 1
HOUSE BILL 574
|
Short Title: Coastal Prop. Insurance Mitigation. |
(Public) |
|
|
Sponsors: |
Representative Davis (Primary Sponsor). For a complete list of Sponsors, refer to the North Carolina General Assembly Web Site. |
|
|
Referred to: |
Insurance. |
|
April 4, 2013
A BILL TO BE ENTITLED
AN ACT to require discounts on coastal homeowners insurance for property owners living in areas where the State or local government has enacted storm damage prevention or mitigation measures.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 58‑45‑45 is amended by adding a new subsection to read:
"§ 58‑45‑45. Rates, rating plans, rating rules, and forms applicable.
…
(e1) The Association shall file no later than May 1, 2014, a schedule of credits for policyholders based on the presence of storm damage prevention and mitigation measures undertaken by the State or the local government with jurisdiction over the insured property. The Association shall develop rules applicable to the operation of the schedule and the mitigation program with approval by the Commissioner. The schedule shall not be unfairly discriminatory and shall be reviewed by the Association annually, with the results included as part of the Association's annual report to the Commissioner. For purposes of this subsection "storm damage prevention and mitigation measures" shall include, but not be limited to, (i) installation of berms, (ii) sand fencing, (iii) sand retaining vegetation such as sea oats, (iv) signage and other measures to limit foot traffic on barrier dunes, and (v) beach renourishment."
SECTION 2. This act is effective when it becomes law.
