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SB 276

An Act promoting family health and economic security by eliminating discrimination and ensuring reasonable workplace accommodations for workers whose ability to perform the functions of a job are limited by pregnancy, childbirth or a related medical condition; and imposing duties on the Pennsylvania Human Relations Commission.

2025-2026 Regular Session Introduced by Amanda Cappelletti and 11 co-sponsors

Directs NCIUA and JUA to jointly study excess property coverage and post-event catastrophe bonds to boost NC insurance capacity after disasters; report due Mar 1, 2026.

Referred to Labor & Industry
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Bill Summary · SB 276

SB 276 — Study Residual Property Market Mechanisms

Status: Introduced Feb 4, 2025; Passed 1st Reading
Sponsor(s): Senators Johnson, Hanig, and Brinson (primary)
Subject areas: Insurance; Property; Corporations; Studies & Reports; Public policy

Main purpose

Require a joint study by North Carolina’s residual property market entities to evaluate options for strengthening insurance capacity following major natural disasters. The study focuses on (1) whether the state residual market should offer an excess property coverage option and (2) whether post‑event catastrophe bonds could be used to provide additional capacity after a named storm.

Key provisions

  • Directs two entities to conduct the study jointly:
    • North Carolina Insurance Underwriting Association (NCIUA) — created under G.S. 58‑45‑10.
    • Joint Underwriting Association (JUA) — created under G.S. 58‑46‑5.
  • Study topics (explicit):
    1. Feasibility of NCIUA establishing an “excess property coverage” option. (Defined in the bill as coverage supplementary to a primary policy to cover costs exceeding primary policy limits.)
    2. Feasibility of issuing “post‑event catastrophe bonds” — debt instruments issued in response to a named storm or disaster that transfer risk/liability from insurers to the State or private investors — to cover losses that exceed NCIUA’s or the JUA’s claims‑paying capacity.
  • Deliverable: A written report with findings and any legislative recommendations.
    • Report due to the chairs of the NC House Insurance Committee and Senate Commerce & Insurance Committee by March 1, 2026.
  • Effective date: the act is effective when it becomes law.

Who would be affected

  • Primary: NCIUA and JUA (charged with performing the study).
  • Secondary: insurers operating in North Carolina, policyholders (homeowners/commercial property owners), state policymakers, and capital market participants (if catastrophe bonds are pursued).
  • Broader: communities and local governments concerned with post‑disaster recovery and insurance availability/affordability.

Procedural / timeline notes

  • Study must be completed and reported by March 1, 2026.
  • Any statutory changes to implement recommendations would require subsequent legislation based on the report.

Potential impacts (expected outcomes of the study)

  • Clarify whether residual market tools (excess coverage and post‑event CAT bonds) are practicable, cost‑effective, and legally/operationally feasible in NC.
  • Inform legislative or regulatory options to expand insurance capacity or shift catastrophe risk to capital markets.
  • Identify administrative, financial, and legal implications for the State and for residual market entities (e.g., capital requirements, premium structures, exposure to contingent liabilities).
  • The study itself entails staff time and analysis by NCIUA/JUA; the bill does not appropriate funding or enact immediate coverage changes.

This bill is an exploratory, policy‑analysis measure intended to provide policymakers with evidence and recommendations on possible structural changes to North Carolina’s residual property insurance mechanisms.

Compiled from official sources — confirm details with the bill’s official record.

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