On Tuesday, the North Carolina Court of Appeals handed down a decision affirming the North Carolina Department of Insurance’s rejection of a 2014 homeowner’s insurance rate increase sought by the insurance industry.
The court’s decision ends a two and a half year process that began in January 2014 when the insurance industry requested a 25.6% increase in homeowner’s insurance rates across the state. That request was rejected by the department and a hearing was held on the filing later that year. In December 2014, Commissioner Goodwin ruled that the industry’s proposed rate increase was unsubstantiated by presented facts and ordered that no increase be awarded. That ruling was appealed by the industry to the North Carolina Court of Appeals, who presented their decision upholding Commissioner Goodwin’s ruling today.
“This represents a victory for all consumers in North Carolina,” said Insurance Commissioner Wayne Goodwin. “I rejected the insurance industry’s proposed rate increase because I felt it was unjust and I am very pleased that the Court agreed with my ruling. This action will save homeowners hundreds of millions of dollars in insurance premiums.”
A full copy of the Court’s ruling can be found here: https://appellate.nccourts.org/opinions/?c=2&pdf=33549
