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.

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Barry Goldwater & Other Republicans Support Insurance Commissioner Wayne Goodwin!

To the surprise of some who follow partisan politics in North Carolina, former U.S. Congressman Barry M. Goldwater, Jr., heartily endorsed NC Insurance Commissioner Wayne Goodwin at two March 2012 events in the Tar Heel state. Goldwater told those gathered that he supported Goodwin, though of a different party, because Goodwin is a stalwart advocate both for State-based insurance regulation and consumer protection, and has a successful record of accomplishment as Insurance Commissioner. The Congressman even reported how his namesake father, the late U.S. Senator from Arizona and 1964 GOP presidential nominee known for being the father of the modern Republican party, crossed party lines himself to support candidates.

"Commissioner Goodwin has my strong personal support because of his unmatched track record of protecting consumers, preserving state-based insurance regulation and helping to bring new insurance companies and jobs to North Carolina," said Goldwater. “Wayne’s work transcends partisan politics. He is trustworthy, hard-working and one of the most accessible public servants I've ever seen."

Goodwin has saved citizens and businesses more than $1 billion in the last four years through rate cuts, rebates, refunds and restitution. His administration has made unprecedented strides in promoting greater transparency and good government initiatives.

"I greatly appreciate Congressman Goldwater's endorsement and the support of so many folks across the political spectrum,” Goodwin said. “Even though I am on the ballot under one party label, my job is not really a partisan job at all. My job is to get remedies for the people North Carolina and to protect them from unscrupulous practices."

It is important to note, however, that having bipartisan support is not a new concept for Insurance Commissioner Goodwin. Not only have Republicans voted for him and will vote for him, a review of his public campaign reports indicates a plethora of Republicans who also believe in him enough to make a personal contribution for the re-election efforts.

"I do not see my job as partisan. My job of protecting consumers from excessive insurance rates, fighting insurance fraud, promoting a competitive and reasonably profitable insurance market, and serving the best interests of the firefighters (as State Fire Marshal) has nothing to do with political parties whatsoever: It is about doing what is right and best and fair for all stakeholders, preserving the appropriate balance among them," said Goodwin.

Goodwin told the Raleigh News & Observer that an endorsement does not mean he agrees with Goldwater on everything. The Council of State member is heartened and humbled by the strong showing he has all across the political spectrum. And he works every day to serve all North Carolinians, just as they expect.