Causey Re-Elected as North Carolina Insurance Commissioner
Written by admin on November 5, 2020
Incumbent Mike Causey, a Republican, has defeated Democrat Wayne Goodwin within the third rematch between the two candidates for the place of North Carolina Insurance coverage Commissioner.
The Related Press reported Wednesday evening that Causey beat Goodwin with 52% of the vote versus Goodwin’s 48%, a considerably greater margin than the 2016 race which noticed Causey greatest Goodwin by simply 39,000 votes.
In 2012, the 2 battled it out as properly with Goodwin successful by a bigger margin – practically 160,000 votes.
With 100% of precincts reporting, Causey had acquired greater than 2.7 million votes to Goodwin’s 2.5 million on this yr’s race.
The candidates didn’t reply to a request for touch upon the election outcomes by press time.
Causey talked to Insurance Journal prior to his re-election about a few of his priorities if he continued within the place, together with to proceed reforming the North Carolina Charge Bureau (NCRB), which represents insurance coverage firms writing property insurance coverage in North Carolina and isn’t part of NCDOI, one in all his key priorities.
He stated he’s labored whereas in workplace with the state legislature to “enable insurance coverage firms extra flexibility and extra free market areas.”
“The political actuality in North Carolina is the speed bureau general has stored a really steady insurance coverage market,” he stated.
He additionally plans to proceed combating insurance coverage fraud, which has been a prime precedence of his since he took workplace. He stated when he got here to the division, he discovered from its legal investigators that insurance coverage fraud circumstances have been laborious to get by means of the courts so the division introduced in attorneys to work with native district attorneys in prosecuting circumstances in North Carolina’s 100 counties. In 2019 he established the Criminal Investigations Reserve Unit to fight the in depth variety of insurance coverage fraud circumstances within the state.
Causey additionally cites on his web site that he has labored with the state legislature to double the variety of fraud and abuse investigators on the NCDOI.
“We need to put the fraud of us out of enterprise, however we’ve obtained a protracted solution to go,” he stated.
Causey additionally plans to work in direction of establishing a personal flood insurance coverage market in North Carolina.
He has labored carefully with NCRB to develop personal flood insurance coverage coverage types which were authorized and his aim now’s to get insurance coverage firms to start providing flood protection within the state by early subsequent yr.
“Depending on the pricing and what the person insurance coverage firms wish to do, I consider you’ll see in North Carolina personal flood insurance coverage insurance policies be provided on the market throughout 2021. And I believe that’s a superb factor for shoppers,” he stated.
Causey stated he needs to proceed transferring towards a extra free-market system “to the extent that we will with our system of regulation. As a result of I’m a free-market sort particular person, I consider no matter we will do to draw extra insurance coverage firms right here, the extra the higher. Competitors’s a superb factor.”
Causey touted his “nice working relationship” with the insurance coverage business, saying he has an open-door coverage with them to debate any points and issues.
“My function is to guard shoppers and to ensure that the buyer is protected, maintain insurance coverage charges as little as potential. On the similar time, I need to preserve a wholesome and steady insurance coverage atmosphere,” he stated.
The hotly contested contest between the 2 adversaries featured a selected deal with the corruption investigation by the FBI of North Carolina political donor and insurance CEO Greg Lindberg – now serving 7 years in prison for makes an attempt to bribe Causey to safe preferential regulatory therapy for his insurance coverage enterprise. Lindberg has denied the fees and is interesting his convictions.
In response to studies, Lindberg gave greater than $5 million to state and federal candidates since 2016. Causey worked with authorities in the case towards Lindberg, as well as sent a $240,000 donation to the FBI that he received from the state Republican Get together, an obvious move by means of from Lindberg. A former chairman of the state’s Republican Get together is currently on probation for lying to federal agents for his role in the bribery scandal.
A 2019 Wall Street Journal article cited a fundraiser for Goodwin held by Lindberg in 2016 that, between that and different donations, amounted to $125,000 to Goodwin from Lindberg, his staff, enterprise associates and a few of their spouses and relations. “Lindberg additionally created a PAC that bought advertisements in help of Mr. Goodwin and gave $425,000 to it, data present,” the Wall Road Journal article states.
Neither Goodwin or Causey have been accused of any wrongdoing and each cooperated with authorities within the investigation.
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