- Published on Saturday, 07 July 2012 23:45
- Written by Super User
Submitted by the Wilmington Regional Association of REALTORS®
Coastal property owners in North Carolina now have more influence than ever on their insurance rates. Earlier today, the State Senate passed Bill 836 allowing property owners to be directly involved in how rates are determined. This is the first time in North Carolina's history that this has occurred.
More specifically, the bill:
• Requires that the Rate Bureau and the Department of Insurance study the fairness and efficacy of the current property insurance geographic rate territories.
• Makes filings by the Rate Bureau open to public inspection immediately upon submission to the Commissioner.
• Makes all property insurance rate filings open to the public (except as provided in this Article) where necessary.
• At least 30 days before a notice of hearing issues, the Department shall receive comments from the public regarding a property insurance rate filing. The comments may be provided to the Department by e-mail, mail, or in person at a time and place set by the Department.
• All public comments shall be shared with the Rate Bureau in a timely manner.
Prior to Senate Bill 836, property owners were not allowed to be involved in the process; only the Commissioner and the Rate Bureau were involved.
The Wilmington Regional Association of REALTORS® along with the North Carolina Association of REALTORS®, have worked tirelessly to ensure that coastal property owners have a say in the process.