North Carolina’s Insurance Commissioner has extended the hearing scheduled for the proposed statewide average 17.4% homeowners’ insurance rate increase by one month from Sept. 4, 2019, to Oct. 2, 2019, saying he needs the additional time to review the documents filed by the North Carolina Rate Bureau (NCRB).
“There is a pervasive lack of documentation, explanation, and justification of both the data used, as well as the procedures and methodologies utilized in the filing,” Commissioner Mike Causey said in a statement released by NCDOI. “The proposed rates appear to be excessive and unfairly discriminatory and I want more time to study the data to ensure our consumers are treated fairly.”
The hearing will begin at 10 a.m. on Oct. 2, in the Second Floor Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
If the NCDOI and NCRB are able to negotiate a settlement before that date, the hearing will be canceled. NCDOI and NCRB can settle the proposed rate increase at any time during litigation.
The NCRB represents insurance companies that write the state’s homeowners’, auto and workers’ compensation policies. It is a separate entity from NCDOI.
The NCRB filed the average statewide 17.4% increase Dec. 20, 2018. The filing covers insurance for residential property, tenants, and condominiums at varying rates around the state.
The last Rate Bureau homeowners’ rate filing was in 2017. That year, the NCRB requested an average 18.9% statewide increase in homeowners’ insurance rates, but Causey settled, instead, on an average 4.8% increase.
Source: North Carolina Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Wildfires Are Upending Some of the Safest Bets on Wall Street 
California Sees Two More Property Insurers Withdraw From Market 
Cargo Owners in Baltimore Disaster Face ‘General Average’ Loss Sharing, MSC Says 
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers 
