-Exempts the North Carolina Insurance Underwriting Association from state and federal taxes to the extent permitted by law (Sec. 1).
-Renames the "Beach Plan" as the "Coastal Property Insurance Pool" and defines it as a market of last resort for insuring coastal properties (Sec. 1).
-Sets the maximum value of property that may be insured under the provisions of this bill as follows: $750,000 on habitational property; $3 million on any unit of commercial property, up to a maximum of $6 million for multiple units; and, for the contents of habitational property, 40 percent of the building value (Sec. 1).
-Requires the North Carolina Insurance Underwriting Association to offer a deductible of one percent of insured property value for damage incurred during named storms, including hurricanes, tropical depressions or tropical storms (Sec. 1).
-Enables the North Carolina Insurance Underwriting Association to collect capital from its member insurers up to $1 billion if it incurs deficits from catastrophes that it cannot finance in any other way, and requires it to clearly indicate to policyholders that this charge may be imposed (Sec. 1).
-Requires the North Carolina Rate Bureau to publish a schedule of insurance rates appropriately adjusted for property values no later than May 1, 2010 (Sec. 3).