Insurance Commissioner Goodwin: NCDOI Awarded $1 Million Grant

Monies Will Be Used to Bolster Consumer Outreach, Rate Reviews, Better Government

North Carolina has been awarded a $1 million grant from the federal government, and NC Insurance Commissioner Wayne Goodwin and his Department team are anxious to use it for enhanced consumer outreach and consumer participation in the review of rate filings by health insurers.

"A little over a month ago, our staff submitted the premium review assistance grant to the federal government. I am pleased that North Carolina was approved for this funding," said Commissioner Goodwin. "The Department of Insurance has a lot of work ahead of us to implement the new federal health care reform initiatives. We will use this federal funding to review our existing procedures, hire new staff and improve consumer outreach specific to approving rate changes to health insurance plans."

Furthermore:

The Department's grant application identified the following measures to improve the rate review process in North Carolina:

Seek outside review of actuarial processes to determine areas of improvement in the process.

Seek additional authority to expand prior rate approval to small and large employer group health and association group health plans via the N.C. General Assembly.

Hire additional staff to accommodate increased rate filings and their review.

Increase transparency and accessibility:

Improve the access and readability of rate filings that are currently posted on the Department's website.

Seek authority via the N.C. General Assembly to require insurers to create consumer-friendly summaries and increased public information for rate filings.

Seek input and consider planning for public comment and public hearings on rate requests.

To learn more, go to this link.

"Not only is this news about 'good government,' it's about better government," said Insurance Commissioner Wayne Goodwin.