When an insurer changes the coverage or premium rate, they are required to provide written notice within how many days?

In North Carolina, insurers are required to provide written notice to policyholders regarding changes to coverage or premium rates at least 15 days prior to the effective date of those changes. This requirement is in place to ensure that policyholders have sufficient notice to understand and adjust to the change in their insurance policies, allowing them to make informed decisions about their coverage options.

Timely notification is critical within the insurance industry as it promotes transparency and fosters trust between the insurer and policyholder. By adhering to this notice period, insurers also comply with regulatory standards aimed at protecting consumers. The goal is to minimize confusion and prepare policyholders adequately for any financial implications due to the revised premiums or alterations in coverage.

This specific requirement is enshrined in North Carolina insurance regulations, emphasizing the importance of keeping insured individuals well-informed about their insurance status.