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 premium rate s statewide by more than 42% on average.
This time, Causey told reporters Monday, “we were not able to come anywhere close, so that’s why we’re here today.” Not mentioned Monday: Hurricane Milton, which grew explosively to a Category 5 hurricane while closing in on Florida on a path expected to mostly miss North Carolina. Friedman said the bureau's requested rates are inflated and that the department's actuaries will demonstrate there are ”alternative recommended rates that will allow the bureau’s members to earn what they’re constitutionally entitled to."
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 Marlett, an insurance professor at Appalachian State University. Marcus held a news conference outside the Insurance Department headquarters criticizing Causey for declining to preside over the hearing, calling it a “ridiculous dereliction of one of his major duties in this job.” She also lamented that any decision will be made after Election Day.
Insurance Department Hurricane Helene Mickey Spivey Premium Rate Rate Bureau Insurance Industry Terence Friedman N.C Hearing Officer
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