The annual auto insurance filing from the North Carolina Rate Bureau to the North Carolina Department of Insurance calls for an overall statewide average increase of 7.6 percent, according to a statement from Insurance Commissioner Mike Causey.
The NCRB represents the state’s insurance companies and is a separate entity from the N.C. Department of Insurance.
By law, the NCRB must submit auto rate filings with the Department every year by February 1.
The 1,196-page rate filing submitted by NCRB with a proposed effective date of Oct. 1, 2019, will be reviewed by NCDOI and if it does not agree with the need for the requested rates, it can negotiate a settlement or call for a hearing.
In 2017, the NCRB requested a 13.8 percent increase citing a “dramatic increase in [auto] losses and the cost of those losses since 2014,” but a settlement was reached for a 2.2 percent increase – which NCDOI said saved consumers more than $1 billion. The settlement also included an agreement the NCRB would not make a filing in 2018.
Source: North Carolina Department of Insurance
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