A BILL TO BE ENTITLED
AN ACT to modify Beach Plan policy limits.
The General Assembly of North Carolina enacts:
SECTION 1.(a)  G.S. 58‑45‑41 reads as rewritten:
"§ 58‑45‑41.  Coverage limits.
(a)	The Association shall cause to be issued insurance up to the reasonable value of the insurable property, subject to a maximum of one million dollars ($1,000,000) on habitational property. The above limits on habitational property shall apply to the value of the building only. Insurance issued by the Association for commercial property shall not exceed five million dollars ($5,000,000) on any freestanding structure or any building unit within multiple firewall divisions, provided the aggregate insurance on structures with multiple firewall divisions shall not exceed ten million dollars ($10,000,000) on all interest at one risk.
…."
SECTION 1.(b)  This section becomes effective June 1, 2023, and applies to contracts issued, amended, or renewed on or after that date.
SECTION 2.(a)  G.S. 58‑45‑41, as amended by Section 1(a) of this act, reads as rewritten:
"§ 58‑45‑41.  Coverage limits.
(a)	The Association shall cause to be issued insurance up to the reasonable value of the insurable property, both habitational property and commercial property, subject to a maximum as recommended by the Association and approved by the Commissioner. The above limits on habitational property shall apply to the value of the building only. Insurance issued by the Association for commercial property shall not exceed the limits provided in this subsection on any freestanding structure or any building unit within multiple firewall divisions, provided the aggregate insurance on structures with multiple firewall divisions shall not exceed ten million dollars ($10,000,000) on all interest at one risk.
…."
SECTION 2.(b)  This section becomes effective June 1, 2024, and applies to contracts issued, amended, or renewed on or after that date.
SECTION 3.  Except as otherwise provided, this act is effective when it becomes law.