Sen. Hanig files bill in North Carolina Senate to study property market improvements

A new bill filed by State Sen. Hanig seeks to explore ways to enhance North Carolina’s property market in response to natural disaster insurance challenges, according to the North Carolina State Senate.

The bill, filed as SB 276 on March 12 during the 2025 regular session, was formally listed with the short title: ‘Study Residual Property Market Mechanisms.’

The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.

In essence, this bill mandates a study to explore potential improvements in North Carolina’s residual property market mechanisms due to challenges from insured losses caused by natural disasters. Specifically, it directs the North Carolina Insurance Underwriting Association and the Joint Underwriting Association to assess the feasibility of introducing excess property coverage options for insured individuals and issuing post-event catastrophe bonds. Excess property coverage would provide additional coverage beyond an insured’s primary policy, while catastrophe bonds would mitigate insurer liabilities by transferring risks related to storm losses to the state or investors. The findings and any legislative suggestions from this study are to be submitted by March 1, 2026, to relevant legislative committees. The act becomes effective upon becoming law.

Of the three sponsors of this bill, Hanig proposed the most bills (29) during the 2025 regular session.

Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.

You can read more about the bills and other measures here.

Hanig, a Republican, was elected to the North Carolina State Senate in 2025 to represent the state’s 1st Senate district, replacing previous state senator Norman Sanderson.