Hearing on proposed insurance rate increase delayed until October
WILMINGTON, NC (WWAY) — A hearing scheduled for next month on the insurance industry’s request to raise homeowners rates in North Carolina has been delayed until the fall.
Insurance Commissioner Wayne Goodwin announced today the hearing orignally scheduled for Aug. 6 will now be held Oct. 20 in Raleigh. The delay is to give Department of Insurance experts more time to prepare testimony after significant revisions were made to the original rate filing from the NC Rate Bureau.
The insurance companies, represented by the North Carolina Rate Bureau, requested an overall statewide average increase of 25.3 percent for homeowners insurance rates in January. The requested rate changes range from -2.7 percent to +35 percent. The insurance companies have also requested revisions to the current geographic rating territories.
Goodwin ordered a hearing, because the Department of Insurance said the proposed changes appear to be excessive and unfairly discriminatory.
The hearing is open to the public, but there will be no opportunity for members of the public to speak at the hearing. A public comment period was held in January.
Experts from the NC Rate Bureau and NCDOI 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.