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RALEIGH – A bill aimed at beefing up North Carolina's underfunded beach plan passed out of a legislative committee Tuesday.

The proposal encourages private insurance companies to continue doing business in North Carolina, but limits the companies' risk in catastrophic storms.

The bill would also increase rates and reduce coverage for people who choose to participate in the state-created beach plan, which is meant to be an insurance of last resort for homeowners.

Without these changes, the state insurance commissioner said some insurance companies would probably quit doing business in North Carolina.