North Carolina Department of Insurance issued the following announcement on April 23.
Given the extraordinary circumstances of this COVID-19 pandemic and the need for consumers to benefit from any company savings, for those companies who choose to share their savings under N.C.G.S. 58-36-60 with ceded policy holders, the Department will allow those companies to do so. Under no circumstances should premium remitted to the NCRF be reduced as a result of the “savings” shared with consumers. Additionally, all other provisions of the NCDOI COVID19 Advisory regarding reporting requirements and savings option issued on April 21, 2020 are still applicable.
Should you have any questions regarding the savings option, please contact Fred Fuller, Deputy Commissioner – Property & Casualty Division, North Carolina Department of Insurance at Fred.Fuller@ncdoi.gov.
Original source can be found here.
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