RALEIGH, N.C. (AP) — With many western North Carolina residents still lacking power and running water from Hurricane Helene, a hearing began Monday on the...
, a hearing began Monday on the insurance industry's request to raise homeowner premiums statewide by more than 42% on average.
When the hearing ends, the hearing officer, in consultation with Causey, will decide within 45 days whether the proposed rates are excessive, and if so, issue an order that sets new rates. That order could be challenged at the state Court of Appeals. The Insurance Department's attorney, Terence Friedman, argued that the industry continues to use actuarial methods that ignore what state law requires in calculating rates increases.
The “consent to rate” exception in North Carolina’s law has helped prevent a mass exodus of home insurers, as some states have experienced, said David Martlett, an insurance professor at Appalachian State University.
Hurricane Helene Insurance Department Mickey Spivey Rate Bureau Insurance Industry Terence Friedman N.C The Bureau
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