NU Online News Service, July 16, 1:37 p.m. EDT
The North Carolina General Assembly has approved legislation aimed at ensuring the solvency of the state's property insurer of last resort if it suffers major losses resulting from a hurricane.
Passed on a 93-23, vote yesterday, the bill (HB 1305) now goes to the State Senate for action. Lawmakers there may attempt to amend it to increase an insurer's assessment cap from $1 billion to $2 billion, according to an insurance industry source.
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