A new bill filed by State Sen. Britt seeks to maintain NAIC accreditation by updating regulatory requirements for insurance holding company systems and reporting obligations, according to the North Carolina State Senate.
The bill, filed as SB 51 on Feb. 4 during the 2025 regular session, was formally listed with the short title: ‘Maintain NAIC Accreditation of DOI.-AB’
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, this bill aims to maintain the NAIC accreditation of the North Carolina Department of Insurance by implementing new regulatory requirements for insurance holding company systems. It mandates an annual group capital calculation report filed by the ultimate controlling person of insurers, exempting certain systems meeting specific criteria. Additionally, it introduces a liquidity stress test framework requiring reports from insurers that meet predefined scope criteria or are deemed necessary by the lead state commissioner. The bill also prohibits the public dissemination of group capital and liquidity stress test results, allowing for exceptions in the case of materially false statements. Various conforming amendments to existing statutes are included to align with these new requirements. The act is set to take effect Jan. 1, 2026.
Of the three sponsors of this bill, Todd Johnson proposed the most bills (five) during the 2025 regular session.
Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.
You can read more about the bills and other measures here.
Britt graduated from University of Oklahoma with a JD.
Britt, a Republican, was elected to the North Carolina State Senate in 2023 to represent the state’s 24th Senate district, replacing previous state senator Amy Galey.
| Authors | Bill Number | Date Filed | Title |
|---|---|---|---|
| Danny Earl Britt, Jr., Eddie D. Settle, and Todd Johnson | SB 51 | 02/04/2025 | Maintain NAIC Accreditation of DOI.-AB |
| Danny Earl Britt, Jr., Eddie D. Settle, and Warren Daniel | SB 50 | 02/04/2025 | Freedom to Carry NC. |
| Danny Earl Britt, Jr. | SB 52 | 02/04/2025 | 24th Senatorial District Local Act-1. |
