Amends GS 58-33-10 to define exchange business, exchange of business, or proper exchange of business as the forwarding of insurance business from one producer duly licensed for the line of insurance being forwarded to another producer duly licensed for that line of insurance where both producers are appointed with an insurer that can accommodate the risk under conditions favorable to the insured.

Amends GS 58-33-82 by expanding upon the circumstances under which commissions, fees, or other valuable consideration for the sale, solicitation, or negotiation of insurance may be assigned or directed to be paid, to also include: (1) to an agency principal who is an owner, shareholder, member, partner, director, employee, or agent of that agency for business placed by a producer on behalf of that agency who is duly licensed and appointed and (2) in connection with the exchange of business where both producers are duly licensed with appropriate company appointments and have complied with all of the requirements of new GS 58-33-82.1.

Enacts new GS 58-33-82.1 allowing producers to exchange business, and split the commission, if the producer forwarding the business and the producer receiving the business both: (1) are licensed in all lines of insurance involved in the exchange, (2) sign the insurer's insurance application or are otherwise disclosed to the insurer and the consumer, and (3) have a good-faith belief that the exchange of business complies with this Article's requirements. Specifies that this does not limit: (1) the exchange of business among specialty lines, nonstandard and professional liability business placed through a surplus lines producer or written on an excess rate or other individually rated risk basis and (2) the exchange of business in connection with risk-sharing plans.