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Republican lawmakers and Democratic state Insurance Commissioner Wayne Goodwin back legislation they say would improve the process to set North Carolina homeowner insurance rates and give insurers a new way to cover huge losses after a hurricane.

House and Senate members joined Goodwin at a news conference Tuesday to unveil bills filed in both chambers.

The bills comes as coastal homeowners have faced premium increases in recent years as the insurance industry worries about repair and replacement costs and the threat of catastrophic weather-related losses. The industry – represented by the North Carolina Rate Bureau – and Goodwin’s office currently disagree over what the next round of premium rates should look like.

The bills would allow tax-free bonds to be issued to finance losses insurers cover after a devastating storm.

Topics Legislation North Carolina