North Carolina S979 modifies insurance rate transparency by requiring insurers to notify policyholders of higher rates and prohibiting credit scoring.

North Carolina S979 modifies the consent and notification requirements for insurance rate deviations, prohibiting the use of credit scoring to rate noncommercial private passenger motor vehicle and residential property insurance. The bill mandates insurers to notify policyholders of higher rates and provide specific justifications. It also directs the Department of Insurance to study the gradual reduction of consent to rate deviations by insurers and conduct a public awareness campaign on consent to rate deviations. The bill appropriates funds to the Department of Insurance for these purposes.

North Carolina S979 modifies insurance rate transparency by requiring insurers to notify policyholders of higher rates and prohibiting credit scoring.

North Carolina S979 modifies the consent and notification requirements for insurance rate deviations, prohibiting the use of credit scoring to rate noncommercial private passenger motor vehicle and residential property insurance. The bill mandates insurers to notify policyholders of higher rates and provide specific justifications. It also directs the Department of Insurance to study the gradual reduction of consent to rate deviations by insurers and conduct a public awareness campaign on consent to rate deviations. The bill appropriates funds to the Department of Insurance for these purposes.