North Carolina Insurance Commissioner Mike Causey will need more information on the North Carolina Rate Bureau’s proposed eye-popping rate increase of 18.7% for dwelling insurance, noting how the proposal lacked transparency.
“We are not in agreement with the Rate Bureau’s proposed increase filed in December,” the commissioner said. “I want to make sure that the process is transparent and that consumers’ interests are protected, while making sure our insurance companies remain healthy so they can pay claims.”
The North Carolina Rate Bureau had originally filed the rate change last December. But the commissioner’s disagreement with the proposal led to him setting a hearing over the decision on January 18, 2022.
In the commissioner’s notice of hearing, Causey pointed out that some of the data included in the rate bureau’s filing lacked documentation and explanation. The filing also lacked justification in the use of some data, as well as in the procedures and methodologies used to come up with the proposed rate changes.
The hearing will take place as scheduled, unless the North Carolina Department of Insurance and the NC Rate Bureau are able to negotiate a settlement before that date, WWAY News reported.