A bill intended to reform the state storm insurance program in North Carolina is on its way to the Governor’s desk, after both houses of the legislator passed HB 1305 by wide margins.

Specifically, the bill places an absolute cap on insurers’ post-storm assessments at $1 billion, and mandates that commercial and residential property insurance policyholders throughout the state would pay a surcharge of up to 10% of premium per year to cover any amount above $1 billion.

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