Which of the following is a requirement for an insurer when changing coverage or rates?

The correct answer highlights a critical aspect of regulatory compliance for insurers regarding changes in coverage or rates. In the context of North Carolina insurance regulations, insurers are required to provide policyholders with 15 days' advance notice before implementing any changes to their coverage or rates. This requirement serves to ensure that policyholders are adequately informed about modifications that could affect their insurance contracts, allowing them to make informed decisions regarding their coverage options.

This notice period is significant because it fosters transparency and builds trust between insurers and policyholders. It also gives policyholders an opportunity to review the changes, seek clarifications if needed, and consider alternative options if they do not agree with the new terms. Keeping policyholders informed aligns with consumer protection standards and regulatory expectations in the industry.

The other options do not accurately reflect the requirements set forth by North Carolina regulations regarding insurer notification practices in this context. Thus, understanding this framework is crucial for anyone studying for the North Carolina Property and Casualty State Practice Exam.