Bill Summaries: S124 (2023-2024 Session)

Tracking:
  • Bill S 124 (2023-2024)
    Summary date: Apr 25 2023 - View summary

    Senate committee substitute to the 1st edition makes the following changes. Amends prong three of new GS 58-63-16 authorizing insurers, insurance producers, and limited representatives to offer or provide products and services without or at a reduced fee (was, without or at a reduced fee regardless of whether the products or services are related to an insurance contract) if all of the following are met: their receipt is not contingent upon the purchase of insurance, they are offered on the same terms to all potential eligible customers (was, just all potential customers), and these such requirements are received by the recipient in writing. Makes clarifying changes, and no longer specifies that the provisions in new GS 58-63-16 (a) are notwithstanding GS 58-33-58 and GS 58-63-15. Enacts new GS 58-33-82(f) (commissions) capping commissions, fees or other valuable consideration for certain referral of insurance business by an unlicensed individual to a licensed insurance agent or broker at $50. Specifies that a violation of the new subsection can be punished by a fine not to exceed $2,000 for each violation. Exempts title insurance from $50 cap. Applies to any referral of insurance business made after October 1, 2023. Amends the act's long title.
    Business and Commerce, Consumer Protection, Insurance
    GS 58
  • Bill S 124 (2023-2024)
    Summary date: Feb 16 2023 - View summary

    Enacts GS 58-63-16 to authorize insurers, insurance producers, and limited representatives to offer or provide products and services:

    • of up to $250 in aggregate retail value, per person per year, in connection with the marketing, purchase, or retention of an insurance contract;
    • without or at a reduced fee for products or services related to servicing an insurance contract or offered or undertaken to provide risk control for the insured; and
    • without or at a reduced fee if their receipt is not contingent upon the purchase of insurance, they are offered on the same terms to all potential customers, and these such requirements are received by the recipient in writing.

    Defines insurance producer and limited representative by statutory cross references. Provides that this described authority is granted notwithstanding state laws prohibiting rebates beyond premiums under GS 58-33-85, or unfair methods of competition and unfair or deceptive acts or practices under GS 58-63-15. Makes conforming changes to GS 58-33-85 and GS 58-63-15. Effective October 1, 2023.
    Business and Commerce, Consumer Protection, Insurance
    GS 58

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