DOI News

For Immediate Release: Contact:
August 14, 2009 Kristin Milam
Johanna Royo
Beach Plan Reform Brings More Competition to NC Days After Passage
Insurance company says without HB 1305 it would not write policies on the coast
RALEIGH -- Insurance Commissioner Wayne Goodwin announces today that just seven days after the General Assembly passed HB 1305, otherwise known as the Beach Plan Reform Bill, AAA Carolinas has announced that its own insurance company will begin offering homeowners insurance throughout North Carolina.
In a letter to Commissioner Goodwin, Jim McCafferty, President of The Members Insurance Company owned by AAA Carolinas, said, "I'm excited to announce that beginning September 2009, The Members Insurance Company will offer residential property insurance for the citizens throughout our great state. I firmly believe other carriers will follow our lead."
"I want to thank the General Assembly for its leadership in passing legislation that brings more competition to North Carolina and helps not only homeowners in coastal counties, but across the state. I'm pleased that HB 1305 is working so quickly to bring competition and avoid an insurance availability crisis," said Commissioner Goodwin.
More than 90,000 North Carolinians already buy insurance products through AAA Carolinas. Consumers do not need to be a member of AAA to purchase insurance from them.
The Beach Plan Reform legislation, recently passed by the General Assembly, financially shores up the insurance of last resort for coastal homeowners and caps exposure for insurance companies, therefore increasing competition by making North Carolina a more attractive place for them to do business.
-- NCDOI --