Clarifies rules for insurance producers exchanging business and splitting commissions.

The bill amends North Carolina's insurance laws to clarify the conditions under which insurance producers can exchange business and split commissions. Producers can exchange business if both are licensed for the relevant insurance lines, sign the insurer's application, and have a good-faith belief that the exchange complies with the law. The bill also specifies that the exchange of business does not limit exchanges among specialty lines or risk-sharing plans. This act applies to contracts entered into or renewed after it becomes law.

Clarifies rules for insurance producers exchanging business and splitting commissions.

The bill amends North Carolina's insurance laws to clarify the conditions under which insurance producers can exchange business and split commissions. Producers can exchange business if both are licensed for the relevant insurance lines, sign the insurer's application, and have a good-faith belief that the exchange complies with the law. The bill also specifies that the exchange of business does not limit exchanges among specialty lines or risk-sharing plans. This act applies to contracts entered into or renewed after it becomes law.