Rates for North Carolina home policyholders with Beach Plan, the state's insurer of last resort, are being jacked up to better the Beach Plan's ability to deal with major loss events, plan officials with the insurer said yesterday.
Their comments came at a meeting of the state's Joint Select Committee on the Potential Impact of Major Hurricanes on the North Carolina Insurance Industry.
The session was held to hear from insurance industry representatives as well as state and plan officials, about steps needed to make the Beach Plan (formerly called the North Carolina Insurance Underwriting Association) financially sound enough to handle losses from a major catastrophe.
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