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Regulatory Update

Rate increase in North Carolina and Saudi regulator bans brokers from selling reinsurance and insurance at the same time.
  • February 2020
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Dwelling Insurance: Rates for dwelling insurance in North Carolina will increase a statewide average of 4%, after the state Department of Insurance reached a settlement with the North Carolina Rate Bureau.

The bureau had requested a statewide average increase of 19.2%, according to a department statement.

In addition, the bureau had also requested a 4.6% increase in fire coverage and a 24.3% increase in wind coverage, it said.

However, under the settlement, fire rates will remain stable and wind rates will increase by a statewide average of 5.3%, it said.

Dwelling policies are offered to non-owner-occupied residences of no more than four units, including rental properties, investment properties and other properties not occupied full time by the property owner, it said. 

Insurance Brokers: Saudi Arabia's financial regulator will prohibit a single company from offering insurance brokerage activities and reinsurance brokerage activities at the same time.

The Saudi Arabian Monetary Agency issued a statement on its website announcing the ban. Companies will have one year to comply.

The ban was sparked by an effort by the regulator to stabilize the insurance market while growing and diversifying the kingdom's economy, it said.

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