The North Carolina Department of Insurance doubts new methodology used by the North Carolina Rate Bureau, which has just requested an 11.5 percent statewide increase in private auto insurance rates. NCRB is an independent organization representing in-state auto insurance companies.
Commissioner Jim Long confirmed receipt of NCRB’s 2005 Auto Rate Filing, which the DOI must received by Feb. 1.
In 2004, the DOI negotiated a zero percent change in rates after the Rate Bureau requested a 12.2 percent increase; in 2003, a 15 percent decrease was agreed upon after an initial 10 percent increase request. This year’s filing comes on the heels of an auto rate refund worth several hundred million dollars. If the NCRB and department officials are unable to reach an agreement on this year’s rates, a hearing will be set over which Long will preside.
Topics Trends Auto Pricing Trends
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