Insurance Commissioner Goodwin Pleased With Property Ratemaking Reforms

Says There is Still More Work to Do for Consumers & the Marketplace

The North Carolina General Assembly, with the support and strong encouragement of Insurance Commissioner Wayne Goodwin, recently enacted a package of property rate-making reforms.

"I'm pleased that the various stakeholders had input into the final product," said Goodwin. "Like with lawmaking in general, the results were in large part a series of compromises. Codifying my own personal practice of requiring public comment periods and granting me additional flexibility to negotiate or decide homeowners' rate cases were particular high marks of the new law."

A previous discussion about Goodwin's interest in reforms appeared on this blog several months ago.

The new law, introduced by GOP Senator Harry Brown after receiving a report from a select legislative study committee, will please persons in each of North Carolina's geographical regions, including the eastern/coastal area.

"I believe these measures contribute to my focus on targeted reforms and more fairness and setting adequate rates," added Commissioner Goodwin. "I'm doing what I can to strike the appropriate balance as we try to respond to the 'hard market' of the homeowners' insurance line of business. Taming that crisis is a goal of my administration."

Goodwin reminds us what this is ultimately about: Money and fairness. Consumers want to pay as little as they can for the promise that their claims will be paid; insurance agents want the ability to serve their customers with the best-priced, most-available products; and, of course, insurance companies want to make a reasonable profit so they will continue to do business and compete more in North Carolina.

Consumers and the industry benefit from the changes.

The new law is effective immediately in some parts and later this year in others. Learn more about this law and other related topics by visiting the website of the North Carolina Department of Insurance, www.ncdoi.com.

# # #