Clarifies permitted trade practices for insurance rebates in North Carolina.

This bill clarifies permitted trade practices with respect to insurance rebates in North Carolina. It allows insurers and producers to offer noncash gifts, items, or services if they relate to marketing, sale, or retention of insurance contracts, do not exceed $250 per policy term, and are not tied to purchasing or renewing a policy. It also permits insurers to offer value-added products or services at no or reduced cost if they relate to loss mitigation, loss control, or other specified benefits.

Clarifies permitted trade practices for insurance rebates in North Carolina.

This bill clarifies permitted trade practices with respect to insurance rebates in North Carolina. It allows insurers and producers to offer noncash gifts, items, or services if they relate to marketing, sale, or retention of insurance contracts, do not exceed $250 per policy term, and are not tied to purchasing or renewing a policy. It also permits insurers to offer value-added products or services at no or reduced cost if they relate to loss mitigation, loss control, or other specified benefits.