Regulators in two Southeastern states will hold hearings early next year, one on a proposed steep dwelling insurance rate increase in North Carolina, and another on new capital requirements for insurers in Alabama.
The Alabama Department of Insurance scheduled a public hearing for Feb. 5 on Insurance Regulation No. 55 (new Rule 482-1-055, Section 18.2). The rule would adopt the National Association of Insurance Commissioners’ model insurance company regulation on insurance group capital calculation provisions and cost sharing.
The regulation is set to take effect Feb. 15 if no changes are made. The NAIC model regulation can be seen here. A copy of the Alabama proposed regulation can be obtained via email to Brenda.Camp@insurance.alabama.gov.
The hearing is set for 10 a.m. at the Alabama DOI offices in Montgomery. People wishing to testify should submit their testimony before the hearing, to the DOI Legal Division, P.O. Box 303351, Montgomery, AL 36130.
In North Carolina, Insurance Commissioner Mike Causey announced a hearing on a proposed 68% average rate increase on dwelling insurance. Under the state’s unique system, the North Carolina Rate Bureau, representing insurance carriers, recommends rate increases; the commissioner’s office usually negotiates lower increases, often before a hearing is held.
The Rate Bureau last recommended a dwelling insurance rate increase in 2023, topping 50%. After negotiations, the final increase was 8%, which took effect in November 2024.
The rate hearing is set for 10 a.m. on May 4, at DOI offices in Raleigh.
Related: Time to Change NC’s Unique (and Antiquated) Rate Bureau System?
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