Insurance Commissioner Sets Hearing Date For Proposed 28.4% Auto Insurance Rate Increase
RALEIGH – North Carolina Insurance Commissioner Mike Causey has set Oct. 16 as the hearing date for the North Carolina Rate Bureau’s proposed 28.4 percent auto insurance rate increase.
“We are not in agreement with the Rate Bureau’s proposed increases filed on Feb. 1. The next step, according to statute, is to set a hearing date,” said Commissioner Causey. “The purpose of the hearing is to reach a resolution that will make the most financial sense for both North Carolina residents and insurance companies.”
The hearing will begin at 10 a.m. in the Jim Long Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. State law gives the insurance commissioner 45 days to issue an order once the hearing concludes. Once the order is issued, the NCRB has the right to appeal the decision before the N.C. Court of Appeals. A court of appeals order could then be appealed to the N.C. Supreme Court.
The NCRB and DOI can settle the proposed rate increase at any time during litigation.
The Rate Bureau has requested an overall average statewide increase in private passenger auto insurance rates of 28.4 percent, which would become effective on October 1, 2023.
The N.C. Rate Bureau represents the auto insurance companies in the state and is not a part of the N.C. Department of Insurance. By law, the bureau must submit auto rate filings with the department every year by February 1.
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13 Comments
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Another win for Causey, eh? Only a few months ago, he tried to sell his 9.9% property tax *INCREASE* as a $100M savings!
https://jocoreport.com/department-of-insurance-negotiates-settlement-on-dwelling-rate-increase/
Anyone who voted for this GOP RINO is getting what they deserve! He’s no different than the tax-and-spend socialists! Only yhe gullible and ignorant believe anything this man says. #VoteOutIncumbents
28% increase? Ludicrous. Perhaps we should start enforcing more texting while driving, drunk driving, speed enforcement, operating without a license, and reckless drivers. Insane.
So they really want 14% and they know Mike Causey and how to play him.
This is the correct take. Look for Causey’s next press release saying he “saved” us another $100M. #VoteOutIncumbents
And this is different any other insurance commissioner before Causey in what way? Be careful what you ask for
@FDT: Um, no. Goodwin, for example, ordered a 0% increase (https://abc11.com/homeowners-insurance-rate-increase/443440/) when the insurance companies wanted a 25% increase. #VoteOutIncumbents
Insurance companies always ask for more than they want.
Maybe not having so many illegal residents driving and causing wrecks then not having insurance might help as well.
@Captain: I think you’re worried about the wrong group of people. The SBI & DMV reports (2022) that only 9% of auto accidents were by non-US citizens. Meanwhile, 91% of auto accidents were caused by full US citizens (including green card and other legal status), with 37% of those being uninsured. #FalseFlag #MisplacedOutrage
So, 10% of the population is illegal? One in ten are criminals?
@Jeff: No, that’s not what I said. 10% of *auto accidents* are caused by illegals.
Insurance is required. Shouldn’t REQUIRED expenses be ‘COLA’ based? The companies that are more efficient should survive.
what part of people are just making ends meet do they not understand. Oh I got it, they don’t care! I guess I will have to go to the General 🙂