Tag: Insurance Commissioner Wayne Goodwin

North Carolina homeowners insurance rate increase resistance building

H. Cutner
car insurance rates homeowners

Residents of the state are becoming frustrated and angry about the spike of up to 25 percent. As the cost of North Carolina homeowners insurance comes closer to its August increase of an average of 25 percent, residents are keeping a careful watch on the regulator in the state, which held a public hearing on Friday to give these customers the opportunity to voice their opinions on the prospect that they will be seeing their premiums skyrocket this year. The hearing fell three weeks after the insurers in the state…

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Auto insurance legislation struck down in North Carolina

Logan B.
Auto Insurance

Auto insurance bill fails before House Insurance Committee A legislation designed to reform North Carolina’s regulations governing auto insurance rates has been unseated by the state’s House Insurance Committee this week. The bill was put down by a vote of 18-11, with opponents claiming that the legislation did not offer solutions to the state’s current problem. The legislation was staunchly opposed by Insurance Commissioner Wayne Goodwin, as well as several companies and trade groups representing the auto insurance industry. Bill aimed to provide insurers with more freedom in the rate…

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North Carolina homeowners insurance companies called to justify rate increases

Marc
North Carolina Insurance News

North Carolina homeowners insurance becomes target of regulatory action Insurance companies in North Carolina are being called upon to justify a proposed increase in insurance rates. According to the state’s Department of Insurance, many homeowners insurance providers have proposed an average rate increase of 18% throughout the state. The proposition has caused some turmoil amongst consumers who consider such an increase to be unfair. Insurance Commissioner Wayne Goodwin is now calling upon North Carolina homeowners insurance companies to provide more information on why they believe the rate hikes to be…

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North Carolina Insurance Commissioner announces lower rates for rental properties

Nordstrom

North Carolina property owners got some good news this past week as Insurance Commissioner Wayne Goodwin announced that rates on some properties would drop by an average of 7.3%. The Commissioner also rejected a rate increase proposal from the North Carolina Rate Bureau, which would have raised rates on dwelling extended coverage by 36%. The lower rates will take effect on January 12, 2012, and will affect some 400,000 policies throughout the state. The lower rates will not apply to a homeowner’s primary residence, however, as the rates are meant…

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North Carolina insurance official calls for insurers to re-evaluate claims from Hurricane Irene

Two North Carolina officials are petitioning the state’s insurance industry to return to areas impacted by Hurricane Irene in the hopes of resolving claims before winter comes in full force. Insurance Commissioner Wayne Goodwin, along with Bob Etheridge, an advisor for Governor Beverly Perdue during August’s hurricane, have written a formal appeal to FEMA to have insurers return to the state and assists with additional claims. The insurers being asked to return to the state are part of the National Flood Insurance Program, which provides insurance coverage for many households…

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Talks of North Carolina new insurance regulation stirs the pot

S.Vagus

North Carolinian legislators are toiling over a new bill that could make insurers a lot of money. The bill, which has the support of some of the state’s largest insurance companies, would enable auto insurers to raise their rates by 15% every year. There are also provisions within the legislation that would put strict limitations on the regulatory authority of North Carolina, giving companies more freedom to operate as they see fit. Insurance Commissioner Wayne Goodwin is convinced that the legislation is derived from companies wanting more money and nothing…

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