Insurance Commissioner calls for a hearing on proposed dwelling Insurance rate increase

North Carolina Insurance Commissioner Mike Causey has set April 17, 2023, as the hearing date for the North Carolina Rate Bureau’s proposed 42.6% dwelling insurance rate increase.

“We are not in agreement with the Rate Bureau’s proposed increases filed August 18, 2022. The next step, according to statute, is to set a hearing date,” said Commissioner Causey. “It is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

The hearing will begin at 10 a.m. in the Second Floor Hearing Room of the Albemarle Building, 325 N. Salisbury St., Raleigh.

The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. State law gives the insurance commissioner 45 days to issue an order once the hearing concludes. Once the order is issued, the NCRB has the right to appeal the decision before the N.C. Court of Appeals. A court of appeals order could then be appealed to the N.C. Supreme Court.

The NCRB and DOI can settle the proposed rate increase at any time during litigation.

The NCRB filed the average 42.6% dwelling increase Aug. 18. The filing covers insurance for fire and extended coverage at varying rates around the state. Under the NCRB proposal, the increases would be felt statewide with most consumers seeing a double-digit increase.

The last NCRB dwelling rate increase filing was in 2020 that resulted in a settlement of 7.6%, which took effect Nov. 1, 2021.

Source link

About the Author

Angela Brown
Angela Brown is the author of our Business & Economy section.