The North Carolina senate...
... has approved funding reforms for the North Carolina Insurance Underwriting Association. The senate bill will have to be reconciled with a similar measure recently approved by the house of representatives owing to a difference over rates to be charged by the association, better known as the Beach Plan. Under the proposal, private insurers could be assessed up to $1bn to cover Beach Plan liabilities in the event that the plan exhausts its surplus and $2.4bn in reinsurance.
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