NCDOI Denies Motion to Intervene Once Again

DOI DECISION AND ORDER OF 16 APRIL IN THE RATE BUREAU CASE

Following the announcement of the Dept. of Insurance’s appeal, we received word regarding action on the April 7, 2009 hearing at the Department of Insurance regarding the petitioners (Dare County, etc) motions to intervene on the homeowners insurance rate increases approved by the Commissioner of Insurance in December 2008. Specifically, these rate increases will apply to overall homeowners insurance rates that will allow for increases of up to 29.8% in the mainland parts of New Hanover, Brunswick, Pender, Onslow and Carteret Counties and 17.5% in the beach areas of those Counties. These increases are set to go into effect on May 1, 2009. In April, the administrative law judge ruled as he did in the previous hearing and denied the motions to intervene and to stay. The petitioners are filing an appeal to Superior Court. If you recall, this is similar to the process on the Beach Plan surcharge and deductible increases approved in November 2008. After the motions to intervene and stay were dismissed, the Superior Court Judge granted the stay and remanded the issue back to the Insurance Commissioner.