| 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 |
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| 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. |
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| 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." |
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| "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. |
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| 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. |
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| 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. |
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| -- NCDOI -- |
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