For Immediate Release: March 30, 2012

Commissioner Suggests Improvements to Property Insurance Rate Making

RALEIGH -- Insurance Commissioner Wayne Goodwin would like to express his appreciation to the members of Legislative Research Committee on Property Insurance Rate Making for their diligent study in the area of homeowners insurance.

Goodwin addressed the committee on March 21, 2012, and recommended ways improve property insurance rate making through greater transparency in rate filings, public comment periods, more flexibility in the insurance commissioner’s authority to set rates and other measures.

"My job, ultimately, is a balancing act,” said Goodwin. “Consumers want to know they’re getting a fair insurance rate, particularly in the coast areas of North Carolina. The insurance industry wants to know it has the opportunity to make a fair and reasonable profit."

The committee is expected to issue its final recommendations on April 12.

Read Insurance Commissioner’s full remarks here.