Health insurance provider Blue Cross Blue Shield may face fines in North Carolina

Blue Cross Blue Shield health insurance

North Carolina Department of Insurance may issue fines against Blue Cross Blue Shield Blue Cross Blue Shield may be facing significant fines in North Carolina due to “unprecedented administrative failures,” according to the state’s Insurance Commissioner, Wayne Goodwin. The Commissioner intends to levy the maximum permissible fines against the health insurance provider as the insurers goes into its third month of enrollment and billing issues. The North Carolina Department of Insurance claims that it has received more than 8,700 calls and 1,900 formal complaints concerning Blue Cross Blue Shield this…

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North Carolina health insurance companies owe $8.5 million in rebates

U.S. Health Insurance

Insurers must return some $8.5 million in premiums to consumers and businesses Health insurance companies in North Carolina will be reimbursing consumers and businesses some $8.5 million, according to the state Insurance Commissioner Wayne Goodwin. These insurers have failed to comply with the medical loss ratio, a provision of the Affordable Care Act that requires insurers to spend no less than 80% of the money they collect through premiums on medical care. For insurers providing coverage to businesses, the medical loss ratio is set at 85%. Medical loss ratio continues…

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Lawmakers seek to reduce cost of property insurance in North Carolina

Property Insurance

New legislation targeting property insurance has been introduced in North Carolina Lawmakers in North Carolina are looking to reduce property insurance rates by changing the state’s initiative to cover catastrophic losses caused by natural disasters. A new legislation has been introduce that would establish a public bonding authority, which will be part of the North Carolina Coastal Property Insurance Pool. The legislation would also require insurers to provide information concerning the costs they must bear by providing coverage to coastal properties and how much money they are making from these…

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Homeowners insurance rates set to decrease in North Carolina

homeowners insurance

State Insurance Commissioner opts to reject rate increase proposals from insurance companies Insurance rates for homeowners in North Carolina may not be rising due to action taken by the state’s Insurance Commissioner, Wayne Goodwin. Homeowners insurance companies had sought to raise rates by an average of 35% throughout the state. Last week, however, Commissioner Goodwin decided to strike down rate increase proposals from insurers. This move means that insurance rates will throughout the state are not expected to increase at all on January 1, 2015. Average cost of insurance coverage…

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Homeowners insurance controversy is brewing in North Carolina

homeowners insurance business owner

Homeowners issue complaints regarding rising insurance rates Homeowners in North Carolina are voicing their concerns over some insurance companies raising premiums over the state-approved maximum. In many parts of the state, homeowners insurance is becoming more expensive due to a loophole that exists in the state’s laws. This loophole allows insurers to send “Consent to Rate” notifications to homeowners that are about to renew their insurance policies. These notifications inform homeowners that their rates will be going up more than state law would allow for normally. Consent to Rate becomes…

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Legislation removes rate caps on auto insurance in North Carolina

auto iinsurance car

New legislation removes rate limitations on auto insurers New legislation could remove North Carolina’s limits on auto insurance rates. Currently, the state’s insurance companies are required to adhere to rules that place limits on how much they can charge for auto insurance every year. These limits are determined by Insurance Commissioner Wayne Goodwin, along with other regulators, and are meant to provide consumers with some degree of financial protection. The new legislation will change this, allowing insurers to opt out of the current regulatory structure and have more control over…

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Auto insurance rates remain stable in North Carolina

North Carolina Auto Insurance

North Carolina’s insurers are not seeking to raise rates for auto coverage this year North Carolina drivers have received some good news from the state’s Department of Insurance. According to Insurance Commissioner Wayne Goodwin, the Department of Insurance has received no rate filing from the North Carolina Rate Bureau. This means that the state’s auto insurance companies have not sought to increase premiums this year. This may provide the state’s drivers with some relief as they will not have to pay more for insurance coverage this year. Past settlement with…

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