What is the primary purpose of the North Carolina Insurance Code?

The primary purpose of the North Carolina Insurance Code is to regulate the business of insurance and protect consumers. This regulatory framework ensures that insurance companies operate fairly and transparently, adhering to standards that safeguard policyholders’ rights. It encompasses guidelines on licensing, financial solvency, and ethical practices, which helps maintain the integrity of the insurance market.

By prioritizing consumer protection, the code aims to prevent fraudulent activities and ensure that insurance products are both accessible and reliable for individuals and businesses alike. This focus on regulation helps to instill confidence in the insurance industry, allowing consumers to feel secure that their interests are being safeguarded by law.

The other options, such as providing subsidies for insurance costs, creating job opportunities, or overseeing the stock market in insurance companies, do not capture the primary intent of the North Carolina Insurance Code, which is fundamentally about regulation and consumer protection.