North Carolina § 58-60-1 - Short title; purpose.

§ 58-60-1. Short title; purpose.

This Part may be cited as the "Life Insurance Disclosure Act". The purpose of this Part is to require insurers to deliver to purchasers of life insurance, information which will improve the buyer's ability to select the most appropriate plan of life insurance for the buyer's needs, improve the buyer's understanding of the basic features of the policy which has been purchased or which is under consideration and to improve the ability of the buyer to evaluate the relative costs of similar plans of life insurance. This Part does not prohibit an insurer from using additional material that is not in violation of Articles 1 through 64 of this Chapter nor any other statute or regulation. History (1979, c. 447; 2005-234, s. 1.3.) Effect of Amendments. - Session Laws 2005-234, s. 1.3, effective January 1, 2006, and applicable to policies or certificates issued or renewed on or after that date, rewrote the section heading; added subsection (a) and designated the existing provisions as subsection (b); and in subsection (b), in the first paragraph, substituted "Part" for "Article" and "the buyer's needs" for "their needs," and in the second paragraph, substituted "Part" for "Article," "from using" for "to use," and "that" for "which." Legal Periodicals. - For survey of 1979 administrative law, see 58 N.C.L. Rev. 1185 (1980).