Election ahead, NC insurance head defers rate rise

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Submitted: Tue, 10/23/2012 - 4:41pm
Updated: Wed, 10/24/2012 - 12:37pm

RALEIGH, NC (AP) — Two weeks before an election deciding whether he keeps his job, North Carolina’s insurance commissioner is telling companies they’ll have to prove they should get to increase premiums by an average of nearly 18 percent.

The move by Insurance Commissioner Wayne Goodwin on Tuesday at least postpones the rate increase insurers had wanted to take effect on June 1. Goodwin says he’ll hold a hearing June 3.

The Democrat seeking re-election to a second four-year term says the proposed rates appear excessive.

The insurance companies are represented by the North Carolina Rate Bureau. The group’s director and attorneys did not respond to a request for comment.

The last homeowner’s insurance rate increase was in 2008, before Goodwin took office. Insurance companies sought nearly 20 percent statewide and got 4 percent.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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6 Comments on "Election ahead, NC insurance head defers rate rise"

2015 years 8 months ago

for this bobble headed chuckle, you’ve lost an opportunity to send a message.

2015 years 8 months ago

I agree, hopefully he won’t be around in June.

2015 years 8 months ago

He’s going to OK it, but AFTER he’s re-elected….COUNT ON IT!

2015 years 8 months ago

He’s just stalling until after the election. If he didn’t agree with the increase he would have just shot it down outright. I voted for the other fella.

2015 years 8 months ago

I have been here since 2000. I have not experienced or witnessed any severe hurricane damage. I dont know about the rest of the folks on this site, but i have not received COLA increases close to 18%. Where is all this money in wind pool gone the last 12 years i do not know of anyone who has made a claim, but still pays out their you know what!!!!!!!!!!!!!

2015 years 8 months ago

Goodwin is just stalling till after the elections and then he’s gonna let the coastal communities take it in the shorts, he’s already done it several times, people get out and VOTE, and for the future of your grandchildren vote REPUBLICAN and let’s get this corruption and out of control spending under control, there is no justifiable reason for these insurance increases , if there was it would be spread across the state!