§ 58-57-110. Credit unemployment insurance rate standards; policy provisions.
§ 58‑57‑110. Credit unemployment insurance rate standards; policy provisions.
(a) Each year theCommissioner shall prescribe a minimum incurred loss ratio standard requirementto develop a premium rate reasonable in relation to the benefits provided by creditunemployment insurance coverage. The following requirements must be met:
(1) Coverage is providedor offered, with or without underwriting, to all debtors regardless of age whoare working for salary, wages, or other employment income for at least 30 hoursper week and have done so for 12 consecutive months.
(2) Coverage sets fortha definition of involuntary unemployment as a loss of employment income thatmay include, but is not limited to, loss caused by layoff, general strike,termination of employment, or lockout.
(3) Coverage does notcontain any exclusion except: debts with irregular monthly payments; voluntaryforfeiture of salary, wages, or other employment income; resignation;retirement; sickness, disease, or normal pregnancy; or loss of income due totermination as a result of willful misconduct that is a violation of someestablished, definite rule of conduct, a forbidden act, or willful derelictionof duty, or criminal misconduct.
(4) Eligibility forbenefits may be based upon registration with the State unemployment office butshall not be limited by any provision requiring registration within a specifiedtime. An insurer may require the insured to provide a copy of the officialState unemployment office decision letter regarding the claim for Stateunemployment benefits in order to qualify for benefits. The official Stateunemployment office decision letter may only be used to deny a claim forbenefits under the credit unemployment coverage if the letter cites a reasonlisted in G.S. 58‑57‑110(a)(3).
(b) The Commissionermay approve other policy provisions and coverages consistent with the purposesof unemployment coverage.
(c) Joint coveragerates for credit unemployment insurance shall be one and two‑thirds (12/3) times the approved single rate of coverage. (1993, c. 226, s. 9; 2005‑181,s. 5.)