North Carolina Insurance Commissioner Wayne Goodwin has confirmed that his department has received the annual auto insurance rate filing from the North Carolina Rate Bureau. The bureau, which represents the auto insurance companies writing business in the state, requested an overall statewide average increase of 1.4 percent for 2009.
The filing comes at a time when the industry and the department are at odds about last year’s auto rate order. Former Commissioner Jim Long ordered a 16.1 percent decrease but the industry is currently appealing that order the court system.
In the meantime, insurance companies are charging an increased rate of 9.4 percent over 2008’s ordered decrease. The difference between what was ordered and what companies charge will remain in escrow until the courts reach a decision. If the courts rule in the department’s favor, the escrowed monies will be refunded to policyholders.
This year’s filing is for a 1.4 percent increase on top of the already-debated 9.4 percent increase.
Goodwin said that if the industry and his department cannot agree on a settlement for these filed rates, he will call for a hearing for later this year. The department will review the industry filing in the coming weeks.
Source: NCDOI
Topics Carriers Auto North Carolina
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