Regulators in two Southeastern states will hold hearings early next year, one on a proposed steep dwelling insura
nce rate increase in North Carolina, and another on new capital requir
ements for insurers in Alabama.
The Alabama Department of Insurance scheduled a public hearin
g 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 reg
ulation 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 e
mail to Brenda.Camp@insurance.alabama.gov.
The hearing is set for 10 a.m. at the Alabama DOI offices in M
ontgomery. People wishing to testify should submit their testimony b
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efore the hearing, to the DOI Legal Division, P.O. Box 303351, Montgomery, AL 36130.
In North Carolina, Insurance Commissioner Mike Causey anno
unced 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, re
commends rate increases; the commissioner’s office usually negotiat
es lower increases, often before a hearing is held.
The Rate Bureau last recommended a dwelling insurance rat
e increase in 2023, topping 50%. After negotiations, the final incr
ease 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.