N.C. insurance commissoner orders lower auto rates
By The Associated PressFriday, September 12, 2008RALEIGH, N.C. - State Insurance Commissioner Jim Long has rejected an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead.
Long signed an order Thursday requiring a 16.1 percent reduction in private passenger auto rates and an 11.7 percent reduction in motorcycle liability rates.
The reductions are effective Jan. 1.
The North Carolina Rate Bureau’s request for a 12.9 percent increase was the subject of rate hearings in July and August.
The bureau can appeal Long’s decision through the court system.
During the appeals process, companies can raise their rates and hold the difference in escrow. If the bureau lost the appeal, companies would have to refund the money in escrow, plus interest.
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