Monday Market Update - July 2, 2012
Happy Monday and Happy (early) Independence Day! Whatever your plans, have a safe and fun time! A special thanks to all those who have and continue to serve our country and protect our freedoms. God bless them and God Bless the USA!
Last week, the State House passed Senate Bill 836 which allowed property owners to be directly involved in how rates are to be determined. Prior to this Bill, only the Insurance Commissioner and Rate Bureau were involved. This is the first time this has happened in NC history and is HUGE for us here on the coast.
Specifically, the Bill:
* Requires that the Rate Bureau and the Dept. 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 where 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 email, 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.
If you'd like me to send you a link to the bill, let me know and I'm happy to do so. We strive to keep our clients well informed so if there's a topic or question you have about real estate, please let us know. We're here to help!
Have a great week and Happy 4th!