NC court backs decision against home insurance rate increase

Associated Press

RALEIGH, NC (AP) – A state appeals court says North Carolina’s insurance commissioner had plenty of justification to reject a quest by insurers to raise premiums on homeowners’ coverage by an average of 25 percent.

The state Court of Appeals ruled Tuesday that Insurance Commissioner Wayne Goodwin determined appropriately in late 2014 that insurers were earning reasonable profit on the money generated by insuring homeowners. The state’s insurance regulator approved no overall increase.

The court ruled that Goodwin was acting under established law by excluding gains or losses from investments.

The manager for the industry group representing companies selling homeowners policies in North Carolina says it’s too early to say whether the organization planned to appeal to the state Supreme Court.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Editor’s note: In an earlier version of this story the Associated Press reported that Commissioner Goodwin’s rejection of the increase happened in early 2015 instead of late 2014.

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