§ 20-309.2. Insurer shall notify Division of actions on insurance policies.
§ 20‑309.2. Insurershall notify Division of actions on insurance policies.
(a) Notice Required. Aninsurer shall notify the Division upon any of the following with regard to amotor vehicle liability policy:
(1) Issues a new orreplacement policy.
(2) Terminates a policy,either by cancellation or failure to renew, unless the same insurer issues areplacement policy complying with this Article at the same time the insurerterminates the old policy and no lapse in coverage results.
(3) Reinstates a policyafter the insurer has notified the Division of a cancellation or termination.
(b) Time Period. Aninsurer shall notify the Division as required by subsection (a) of this sectionwithin 20 business days.
(c) Form of Notice. Anyinsurer with twenty‑five million dollars ($25,000,000) or more in annualvehicle insurance premium volume shall submit the notices required under thissection by electronic means. All other insurers may submit the notices requiredunder this section by either paper or electronic means.
(d) Trade SecretProtection. The names of insureds and the beginning date and termination dateof insurance coverage provided to the Division by an insurer under this sectionconstitutes a designated trade secret under G.S. 132‑1.2.
(e) Civil Penalty. TheCommissioner of Insurance may assess a civil penalty of two hundred dollars($200.00) against an insurer that fails to notify the Division as required bythis section. The Commissioner may waive the penalty if the insurer establishesgood cause for the failure.
(f) Clear Proceeds ofPenalties. The clear proceeds of all civil penalties, civil forfeitures, andcivil fines that are collected by the Department of Transportation pursuant tothis section shall be remitted to the Civil Penalty and Forfeiture Fund inaccordance with G.S. 115C‑457.2. (2006‑213, s. 1; 2007‑484, s. 7(b).)