Homeowners insurance rate hearing
Commissioner Wayne Goodwin announced this week that the homeowners
insurance rate hearing originally scheduled for Aug. 6 has been
hearing is now set for Monday, Oct. 20, at 9 a.m. in the Jim
Long Hearing Room on the third floor of the Dobbs Building, 430 N.
Salisbury St., Raleigh.
insurance companies, represented by the North Carolina Rate Bureau,
requested an overall statewide average increase of 25.3 percent for
homeowners insurance rates, varying by geographic territory, on Jan. 3.
ordered that a hearing be held in the matter because the proposed rates
appear to the Department of Insurance to be excessive and unfairly
hearing is open to the public. However, there will be no opportunity
for members of the public to speak at the hearing.
public comment period on the rate filing was held from Jan.3 through
Jan. 31 to engage the public in the ratemaking process. During that
period, the Department of Insurance received more than 10,000 e-mailed
or mailed comments, and approximately 25 people made comments in-person
during a public comment session held on Jan. 24.
the hearing, experts from the N.C. Rate Bureau, on behalf of the
insurance companies, and experts from NCDOI, representing the interests
of the public, will present their cases for or against rate changes.
Goodwin is to serve as the hearing officer and determine what, if any,
rate adjustments are warranted.
hearing has been postponed to give department experts more time to
prepare testimony after significant revisions were made to the original
rate filing from the N.C. Rate Bureau.
filing is available for public review on NCDOI’s website. To view the
entire filing, go to http://pserff.ncdoi.net/pc.html
and enter the Serff Tracking Number NCRI-129361028.