Bid to Create North Carolina Rate Commission Fails

May 20, 2010

Senators have removed a North Carolina budget proposal provision that sought to shift decisions on insurance rates to the hands of a seven-member board.

The Senate Appropriations Committee voted to delete lines that would have abolished authority of the insurance commissioner and North Carolina Rate Bureau to set rates. A task force would have created a new Insurance Rate Commission.

Commissioner Wayne Goodwin met reporters before the committee meeting and blasted the provision for taking away his power to protect consumers.

Senate leader Marc Basnight said the idea was his, although he told reporters it wasn’t supposed to go in the budget. Basnight is unhappy with soaring homeowner insurance rates in coastal counties he represents and argued inland areas also are at risk for hurricane damages.

Topics North Carolina

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