In 2019, North Carolina passed a new insurance law, House Bill 814, that changed the state’s insurance regulations. The bill aimed to increase transparency in the insurance market, improve consumer protections, and encourage competition among insurance companies.
One significant provision of the bill was the creation of a new database for insurance complaints and inquiries. The database would allow consumers to easily search for information about insurance companies and agents, including any complaints filed against them. This was intended to increase transparency and help consumers make informed decisions when choosing an insurance provider.
Another bill provision required insurance companies to provide more detailed information about the coverage they offer, including the limits of liability, exclusions, and deductibles. This was meant to help consumers better understand the coverage they are purchasing and make it easier for them to compare policies from different insurers. The bill also changed the regulation of insurance adjusters and established new requirements for continuing education. This was aimed at ensuring that adjusters have the knowledge and skills necessary to handle claims properly and represent the interests of consumers.
Overall, the changes made by House Bill 814 were intended to increase transparency, protect consumers, and promote competition in the North Carolina insurance market. These reforms were seen as a positive step forward for insurance regulation in the state.