The dispute between Insurance Commissioner Mike Causey and North Carolina insurance companies writing homeowners’ insurance over a proposed 42.2% average statewide rate increase heads to hearing on Oct. 7.
The hearing will begin at 10 a.m. and be held in the Second Floor Hearing Room at the Department of Insurance’s office at 3200 Beechleaf Court, Raleigh, N.C.
At the hearing attorneys and staff members of the N.C. Rate Bureau, which represents insurance companies and is not a part of the Department of Insurance, will present their arguments and evidence for the proposed increase.
Attorneys and staff members representing Commissioner Causey and the Department of Insurance will present their arguments and evidence against the proposed increase.
Under state law, if the Commissioner rejects a proposed increase filed by the insurance companies, he is required to send the proposal to a public hearing. He did that when he rejected the Rate Bureau’s request on Feb. 6.
Amy Funderburk, general counsel at the Department of Insurance, will be the hearing officer. The hearing is expected to last several weeks.
State law gives the Insurance Commissioner 45 days to issue an order once the hearing concludes.
The hearing is open to the public. There is limited seating in the hearing room. Attendees will be seated on a first-come, first-served basis. Transcripts of each day’s hearing are expected to be posted online the following day.
For additional information, see the homeowners’ rate hearing webpage.
Free parking is available in the parking deck adjacent to the Department of Insurance’s office.