reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-41-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 41 - Insurance Regulatory Reform Act.|§ 58-41-25 - Notice of renewal of policies with premium rate or coverage changes.

 58-41-25. Notice of renewal of policies with premium rate or coverage changes.(a) If an insurer intends to renew a policy, the insurer must furnish to the insured the renewal terms and a statement of the amount of premium due for the renewal policy period. This section applies only if the insurer intends to decrease coverage, increase deductibles, impose any kind of surcharge, or increase the premium rate in the renewal policy.(b) If the policy being renewed was written for a term of one year or less, the renewal terms and statement of premium due must be given or mailed not less than 45 days before the expiration date of that policy. If the policy being renewed was written for a term of more than one year or for an indefinite term, the renewal terms and statement of premium due must be given or mailed not less than 45 days before the anniversary date of that policy. The renewal terms and statement of premium due must be given or mailed to the insured and any designated mortgagee or loss payee at their addresses shown in the policy, or, if not indicated in the policy, at their last known addresses.(c) If the insurer fails to furnish the renewal terms and statement of premium due in the manner required by this section, the insured may cancel the renewal policy within the 30-day period following receipt of the renewal terms and statement of premium due. For refund purposes, earned premium for any period of coverage shall be calculated pro rata upon the premium applicable to the policy being renewed instead of the renewal policy. If an insurer fails to comply with the 45-day notice requirement of this section, the insured is entitled to the option of coverage under the policy being renewed and at the same cost of that policy until 45 days have elapsed after the insurer has provided the insured with the notice.(d) If a policy has been issued for a term longer than one year, and for additional consideration a premium has been guaranteed for the entire term, it is unlawful for the insurer to increase that premium or require policy deductibles or other policy or coverage provisions less favorable to the insured during the term of the policy.(e) Copies of the notice required by this section shall also be given or mailed to any designated mortgagee or loss payee and may also be given or mailed to the agent or broker of record. (1985 (Reg. Sess., 1986), c. 1027, s. 14; 1987, c. 441, ss. 5, 6; 1989, c. 485, ss. 5, 6.)
NC Gen Stat § 58-41-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 41 - Insurance Regulatory Reform Act.|§ 58-41-30 - Loss of reinsurance.

 58-41-30. Loss of reinsurance.An insurer may cancel or refuse to renew a kind of insurance when the cancellation or nonrenewal is necessary because of a loss of or substantial reduction in applicable reinsurance, by filing a plan with the Commissioner pursuant to the requirements of this section. The insurer's plan must be filed with the Commissioner at least 15 business days prior to the issuance of any notice of cancellation or nonrenewal. The insurer may implement its plan upon the approval of the Commissioner, which shall be granted or denied in writing, with the reasons for his actions, within 15 business days of the Commissioner's receipt of the plan. Any plan submitted for approval shall contain a certification by an elected officer of the company:(1) That the loss or substantial change in applicable reinsurance necessitates the cancellation or nonrenewal action;(2) That the insurer has made a good faith effort to obtain replacement reinsurance but was unable to do so because of the unavailability or unaffordability of replacement reinsurance;(3) Identifying the category of risks, the total number of risks written by the company in that category, and the number of risks intended to be cancelled or not renewed;(4) Identifying the total amount of the insurer's net retention for the risks intended to be cancelled or not renewed;(5) Identifying the total amount of risk ceded to each reinsurer and the portion of that total that is no longer available;(6) Explaining how the loss of or reduction in reinsurance affects the insurer's risks throughout the kind of insurance proposed for cancellation or nonrenewal;(7) Explaining why cancellation or nonrenewal is necessary to cure the loss of or reduction in reinsurance; and(8) Explaining how the cancellations or nonrenewals, if approved, will be implemented and the steps that will be taken to ensure that the cancellation or nonrenewal decisions will not be applied in an arbitrary, capricious, or unfairly discriminatory manner. (1985 (Reg. Sess., 1986), c. 1027, s. 14.)
NC Gen Stat § 58-41-40 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 41 - Insurance Regulatory Reform Act.|§ 58-41-40 - No liability for statements or communications made in good faith; prior notice to agents or brokers.

 58-41-40. No liability for statements or communications made in good faith; prior notice to agents or brokers.(a) There is no liability on the part of and no cause of action for defamation or invasion of privacy arises against any insurer or its authorized representatives, agents, or employees, or any licensed insurance agent or broker, for any communication or statement made, unless shown to have been made in bad faith with malice, in any of the following:(1) A written notice of cancellation under G.S. 58-41-15 or of nonrenewal under G.S. 58-41-20, specifying the reasons for cancellation.(2) Communications providing information pertaining to the cancellation or nonrenewal.(3) Evidence submitted at any court proceeding, administrative hearing, or informal inquiry in which the cancellation or nonrenewal is an issue.(b) With respect to the notices that must be given or mailed to agents or brokers under G.S. 58-41-15, 58-41-20, and 58-41-25, the insurer may give or mail that notice at the same time or prior to giving or mailing the notice to the insured. (1985 (Reg. Sess., 1986), c. 1027, s. 14; 1987 (Reg. Sess., 1988), c. 975, s. 31; 1999-219, s. 9.1.)
NC Gen Stat § 58-41-45 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 41 - Insurance Regulatory Reform Act.|§ 58-41-45 - Termination of writing kind of insurance.

 58-41-45. Termination of writing kind of insurance.(a) Except as provided in G.S. 58-41-30, no insurer may terminate, by nonrenewals, an entire book of business of any kind of insurance without 60 days prior written notice to the Commissioner; unless the Commissioner determines that continuation of the line of business would impair the solvency of the insurer or unless the Commissioner determines that such termination is effected under a plan that minimizes disruption in the marketplace or that makes provisions for alternative coverage at comparable rates and terms.(b) Except as provided in G.S. 58-41-30, in-term cancellation by an insurer of an entire book of business of any kind of insurance is presumed to be unfair, inequitable, and contrary to the public interest, unless the Commissioner determines that continuation of the line of business would impair the solvency of the insurer or unless the Commissioner determines that such termination is effected under a plan that minimizes disruption in the marketplace or that makes provisions for alternative coverage at comparable rates and terms. (1985 (Reg. Sess., 1986), c. 1027, s. 14.)
NC Gen Stat § 58-41-55 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 41 - Insurance Regulatory Reform Act.|§ 58-41-55 - Penalties; restitution.

 58-41-55. Penalties; restitution.In addition to criminal penalties for acts declared unlawful by this Article, any violation of this Article subjects an insurer to revocation or suspension of its license, or monetary penalties or payment of restitution as provided in G.S. 58-2-70. (1985 (Reg. Sess., 1986), c. 1027, s. 14; 1999-132, s. 9.1.)
NC Gen Stat § 58-42-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-1 - Establishment of plans.

 58-42-1. Establishment of plans.(a) If the Commissioner finds, after a hearing held in accordance with Article 3A of Chapter 150B of the General Statutes, that in all or any part of this State, any amount or kind of insurance authorized by G.S. 58-7-15(4) through G.S. 58-7-15(22) is not readily available in the voluntary market and that the public interest requires the availability of that insurance, he may either:(1) Promulgate plans to provide insurance coverage for any risks in this State that are, based on reasonable underwriting standards, entitled to obtain but are otherwise unable to obtain coverage; or(2) Call upon insurers to prepare plans for his approval.(b) Consistent with G.S. 58-42-5(a)(2), the Commissioner shall at least annually reevaluate a plan promulgated pursuant to this section and shall terminate the plan upon determining that the insurance coverage is readily available in the voluntary market or that the public interest no longer requires the operation of the plan. (1986, Ex. Sess., c. 7, s. 1; 1999-114, ss. 1, 2.)
NC Gen Stat § 58-42-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-5 - Purposes, contents, and operation of risk sharing plans.

 58-42-5. Purposes, contents, and operation of risk sharing plans.(a) Each plan promulgated or prepared pursuant to G.S. 58-42-1 shall:(1) Give consideration to:a. The need for adequate and readily accessible coverage;b. Optional methods of improving the market affected;c. The inherent limitations of the insurance mechanism;d. The need for reasonable underwriting standards; ande. The requirement of reasonable loss prevention measures;(2) Establish procedures that will create minimum interference with the voluntary market;(3) Distribute the obligations imposed by the plan, and any profits or losses experienced by the plan, equitably and efficiently among the participating insurers; and(4) Establish procedures for applicants and participants to have their grievances reviewed by an impartial body. The filing and processing of a grievance pursuant to this subdivision does not stay the requirement for participation in a plan mandated by G.S. 58-42-10.(b) Each plan may, on behalf of its participants:(1) Issue policies of insurance to eligible applicants;(2) Underwrite, adjust, and pay losses on insurance issued by the plan;(3) Appoint a service company or companies to perform the functions enumerated in this subsection; and(4) Obtain reinsurance for any part or all of its risks. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-10 - Persons required to participate.

 58-42-10. Persons required to participate.(a) Each plan shall require participation:(1) By all insurers licensed in this State to write the kinds of insurance covered by the specific plan;(2) By all agents licensed to represent those insurers for that kind of insurance; and(3) By every statistical organization that makes rates for that kind of insurance.(b) The Commissioner shall exclude from each plan any person if participation would impair the solvency of that person. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1; 2005-210, s. 21.)
NC Gen Stat § 58-42-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-15 - Voluntary participation.

 58-42-15. Voluntary participation.Each plan may provide for participation by:(1) Insurers that are not required to participate by G.S. 58-42-10;(2) Eligible surplus lines insurers as defined in G.S. 58-21-10(3); or(3) Reinsurers approved by the Commissioner. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-20 - Classification and rates.

 58-42-20. Classification and rates.Each plan shall provide for:(1) The method of classifying risks;(2) The making and filing of rates that are not excessive, inadequate, or unfairly discriminatory and that are calculated on an actuarially sound basis and policy forms applicable to the various risks insured by the plan;(3) The adjusting and processing of claims;(4) The commission rates to be paid to agents or brokers for coverages written by the plan; and(5) Any other insurance or investment functions that are necessary for the purpose of providing adequate and readily accessible coverage. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-25 - Basis for participation.

 58-42-25. Basis for participation.Each plan shall specify the basis for participation by insurers, agents, statistical organizations, and other participants and shall specify the conditions under which risks shall be accepted and underwritten by the plan. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1; 2005-210, s. 22.)
NC Gen Stat § 58-42-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-30 - Duty to provide information.

 58-42-30. Duty to provide information.Every participating insurer and agent shall provide to any person seeking the insurance available in each plan, information about the services prescribed in the plan, including full information on the requirements and procedures for obtaining insurance under the plan, whenever the insurance is not readily available in the voluntary market. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-35 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-35 - Provision of marketing facilities.

 58-42-35. Provision of marketing facilities.If the Commissioner finds that the lack of participating insurers or agents in a geographic area makes the functioning of a plan difficult, he may order that the plan appoint agents on such terms as he designates or that the plan take other appropriate steps to guarantee that service is available. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-40 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-40 - Voluntary risk sharing plans.

 58-42-40. Voluntary risk sharing plans.Insurers doing business within this State or reinsurers approved by the Commissioner may prepare voluntary plans that will provide any specific amount or kind of insurance or component thereof for all or any part of this State in which that insurance is not readily available in the voluntary market and in which the public interest requires the availability of the coverage. These plans shall be submitted to the Commissioner and, if approved by him, may be put into operation. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-42-45 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-45 - Article subject to Administrative Procedure Act; legislative oversight of plans.

 58-42-45. Article subject to Administrative Procedure Act; legislative oversight of plans.(a) The provisions of Chapter 150B of the General Statutes shall apply to this Article.(b) At the same time the Commissioner issues a notice of hearing under G.S. 150B-38, the Commissioner shall provide copies of the notice to the Joint Regulatory Reform Committee and to the Joint Legislative Commission on Governmental Operations. The Commissioner shall provide the Committee and Commission with copies of any plan promulgated by or approved by the Commissioner under G.S. 58-42-1(1) or (2).  (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1; 2000-140, s. 15; 2011-291, s. 2.5.)
NC Gen Stat § 58-42-50 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 42 - Mandatory or Voluntary Risk Sharing Plans.|§ 58-42-50 - Immunity of Commissioner and plan participants.

 58-42-50. Immunity of Commissioner and plan participants.There shall be no liability on the part of, and no cause of action shall arise against the Commissioner, his representatives, or any plan, its participants, or its employee for any good faith action taken by them in the performance of their powers and duties in creating any plan pursuant to this Article. (1986, Ex. Sess., c. 7, s. 1; 1999-114, s. 1.)
NC Gen Stat § 58-43-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 43 - General Regulations of Business Fire Insurance.|§ 58-43-1 - Performance of contracts as to devices not prohibited.

 58-43-1. Performance of contracts as to devices not prohibited.Nothing contained in Articles 1 through 64 of this Chapter shall be construed as prohibiting the performance of any contract hereafter made for the introduction or installation of automatic sprinklers or other betterments or improvements for reducing the risk by fire or water on any property located in this State, and containing provisions for obtaining insurance against loss or damage by fire or water, for a specified time at a fixed rate; provided, every policy issued under such contract shall be as provided by law. (1929, c. 145, s. 1.)
NC Gen Stat § 58-43-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 43 - General Regulations of Business Fire Insurance.|§ 58-43-5 - Limitation as to amount and term; indemnity contracts for difference in actual value and cost of replacement; functional replacement.

 58-43-5. Limitation as to amount and term; indemnity contracts for difference in actual value and cost of replacement; functional replacement.No insurance company or agent shall knowingly issue any fire insurance policy upon property within this State for an amount which, together with any existing insurance thereon, exceeds the fair value of the property, nor for a longer term than seven years: Provided, any fire insurance company authorized to transact business in this State may, by appropriate riders or endorsements or otherwise, provide insurance indemnifying the insured for the difference between the actual value of the insured property at the time any loss or damage occurs, and the amount actually expended to repair, rebuild or replace on the premises described in the policy, or some other location within the State of North Carolina with new materials of like size, kind and quality, property that has been damaged or destroyed by fire or other perils insured against: Provided further, that the Commissioner may approve forms that permit functional replacement by the insurance company, at the insured's option. Functional replacement means to replace the property with property that performs the same function when replacement with materials of like size, kind, and quality is not possible, necessary, or less costly than obsolete, antique, or custom construction materials and methods. Forms and rating plans may also provide for credits when functional replacement cost coverage is provided. Policies issued in violation of this section are binding upon the company issuing them, but the company is liable for the forfeitures by law prescribed for such violation. (1899, c. 54, ss. 39, 99; 1903, c. 438, s. 10; Rev., s. 4755; C.S., s. 6418; 1949, c. 295, s. 1; 1991, c. 644, s. 5.)
NC Gen Stat § 58-43-10 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 43 - General Regulations of Business Fire Insurance.|§ 58-43-10 - Limit of liability on total loss.

 58-43-10. Limit of liability on total loss. Subject to the provisions of G.S. 58-43-5, when buildings insured against loss by fire and situated within the State are totally destroyed by fire, the company is not liable beyond the actual cash value of the insured property at the time of the loss or damage; and if it appears that the insured has paid a premium on a sum in excess of the actual value, he shall be reimbursed the proportionate excess of premium paid on the difference between the amount named in the policy and the ascertained values, with interest at six per centum (6%) per annum from the date of issue. (1899, c. 54, s. 40; Rev., s. 4756; C.S., s. 6419; 1949, c. 295, s. 2.)
NC Gen Stat § 58-43-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 43 - General Regulations of Business Fire Insurance.|§ 58-43-15 - Policies for the benefit of mortgagees.

 58-43-15. Policies for the benefit of mortgagees.Where by an agreement with the insured, or by the terms of a fire insurance policy taken out by a mortgagor, the whole or any part of the loss thereon is payable to a mortgagee of the property for his benefit, the company shall, upon satisfactory proof of the rights and title of the parties, in accordance with such terms or agreement, pay all mortgagees protected by such policy in the order of their priority of claim, as their claims appear, not beyond the amount for which the company is liable, and such payments are, to the extent thereof, payment and satisfaction of the liabilities of the company under the policy. Any payment due by the insuring company to mortgagees or loss payees under the terms of the policy shall be made within 90 days of the loss or within 60 days of the filing of proof of loss, whichever is the longer period; provided, the payment of or settlement of the claim of the mortgagee or loss payee under the policy shall in no way constitute an admission of liability as to the insured and the fact of such payment or settlement shall be inadmissible in any action at law. (1899, c. 54, s. 41; Rev., s. 4757; C.S., s. 6420; 1969, c. 1077, s. 1.)
NC Gen Stat § 58-43-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 43 - General Regulations of Business Fire Insurance.|§ 58-43-25 - Limitation of fire insurance risks.

 58-43-25. Limitation of fire insurance risks. No insurer authorized to do in this State the business of fire insurance shall expose itself to any loss on any one fire risk, whether located in this State or elsewhere, in an amount exceeding ten percent (10%) of its surplus to policyholders, except that in the case of risks adequately protected by automatic sprinklers or risks principally of noncombustible construction and occupancy such insurer may expose itself to any loss on any one risk in an amount not exceeding twenty-five percent (25%) of the sum of (i) its unearned premium reserve and (ii) its surplus to policyholders. Any risk or portion of any risk which shall have been reinsured shall be deducted in determining the limitation of risk prescribed in this section. (1945, c. 378.)