I always find comments on rate filing in NC by the commissioner to be humorous. He and his predecessors have always held the Rate Bureau hostage when rates are filed that might dampen their promises of keeping homeowner rates and auto rates in NC artifically low. To call a public hearing for comments and then not allow the public to speak is another example of how out of touch he is. Can you imagine a public that would be in favor of a 25 percent average rate increase? Come on! NC’s system of rate making is archaic. Add to that the commissioners stamp of approval, and it becomes even more laughable. NC needs to allow rates based on statisical anaylsis of loss trends and future probabilities of loss; instead of allowing the commissioner to discount those rate needs based on poor historical data.
I always find comments on rate filing in NC by the commissioner to be humorous. He and his predecessors have always held the Rate Bureau hostage when rates are filed that might dampen their promises of keeping homeowner rates and auto rates in NC artifically low. To call a public hearing for comments and then not allow the public to speak is another example of how out of touch he is. Can you imagine a public that would be in favor of a 25 percent average rate increase? Come on! NC’s system of rate making is archaic. Add to that the commissioners stamp of approval, and it becomes even more laughable. NC needs to allow rates based on statisical anaylsis of loss trends and future probabilities of loss; instead of allowing the commissioner to discount those rate needs based on poor historical data.