For Immediate Release: February 2, 2011
More than 800 People Comment on Dwelling Property Rate Hike Request
Public comment period for dwelling fire and extended coverage filing ended Jan. 31.
RALEIGH -- January 31, 2011, marked the end of the public comment period pertaining to the dwelling fire and extended rate filing received by the Department of Insurance on Jan. 4. In the filing, the North Carolina Rate Bureau, which is not affiliated with the Department and represents the property insurance companies writing business in the state, requested a statewide average increase of 20.9 percent for 2011.
During the public comment period, Department of Insurance staff received 865 written comments and heard from 11 speakers at a public comment session held on Jan. 24. These comments are being treated as items of interest by staff during their review of the filing; all comments have also been forwarded to the North Carolina Rate Bureau.
Department of Insurance staff would like to express its appreciation to all members of the public who took advantage of the opportunity to weigh in on this rate filing. Insurance Commissioner Goodwin ordered the public comment period in hopes of making it easier for people to get involved in the ratemaking process in North Carolina.
The filing will be reviewed by the Department staff to determine what, if any, rate adjustments are warranted. If the Department and the Rate Bureau cannot reach an agreement on rates, Commissioner Goodwin will call for a public hearing in which he'd hear from both sides to make a decision.