Thursday, April 26, 2012

"We must reform property insurance ratemaking," says Insurance Commissioner Goodwin

As indicated in his public press release here, Insurance Commissioner Wayne Goodwin expressed his appreciation to the members of Legislative Research Committee on Property Insurance Rate Making for their diligent study in the area of homeowners insurance. Goodwin addressed the committee on March 21, 2012, and recommended five ways to improve property insurance rate making through greater transparency in rate filings, public comment periods, more flexibility in the insurance commissioner’s authority to set rates and other measures.
"My job, ultimately, is a balancing act,” said Goodwin. “Consumers want to know they’re getting a fair insurance rate, particularly in the coast areas of North Carolina. The insurance industry wants to know it has the opportunity to make a fair and reasonable profit."
But he stressed how imperative it is that the State reform its property insurance ratemaking laws. "Homeowners' insurance is the insurance crisis in North Carolina, not car insurance," he added. Changes should be targeted so that no there are no negative, unintended consequences, the statewide-elected official posited. The committee issued its final recommendations on April 12. The General Assembly will consider the committee's report and is expected to take up some of the suggestions. To read the full text of the Insurance Commissioner’s remarks, click here at this hyperlink.

1 comment:

T-Bone said...

Wayne, you are doing a great job in keeping rates down but you need to look at the scam the insurance companies are pulling on total loss claims by using this CCC information Services. They are bullying the little individual into accept a value far less than what their car was worth. Do a Google search on "complaints on CCC valuescope" and you will see.