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."
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.
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