On Feb. 19, NC INS issued bulletin about consent to rate policies.
NC INS issued Bulletin 25-B-04 to all property and casualty insurers writing nonfleet private motor vehicle and homeowners' insurance on consent to rate data collection.
Follows NC INS Sep. 2024 issued bulletin on property insurer data call, see #226757.
Reporting Requirements
Notifies insurance companies of the semi-annual reporting requirements applicable to insurance covering loss to nonfleet private passenger motor vehicle physical damage.
Also homeowners residential property with not more than four housing units.
The data call requires all data from homeowners insurance policies to be reported, including consent to rate data for policy forms HO-2, HO-3, HO-5, HE-7, and HO-8.
Information and data requested by NC INS in the semi-annual data call only applies to companies that issued Consent to Rate policies during Jul. 1 to Dec. 31, 2024, period.
If companies have not written any consent to rates of the above-mentioned coverages during the above-mentioned period, they do not need to comply with this data call.
Effectiveness
The reply submission should be submitted no later than Mar. 31, 2025.
Regulators
NC INS
Entity Types
Ins
Reference
PR, 2/19/2025; Bul 25-B-04, 2/18/2025; Forms HO-2, HO-3, HO-5, HE-7, and HO-8;
Functions
Compliance; Financial; Legal; Reporting
Countries
United States of America
Category
State
N/A
Products
Home Insurance; Insurance; Insurance-Casualty; Insurance-Property
