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Posted: 8:07 PM Sep 11, 2008
NC Insurance Commissioner Orders Lower Auto Rates
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.
Reporter: Dave Jordan |
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3 Comments 
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.
Copyright 2011 by The Associated Press. All Rights Reserved.
Latest Comments
All insurances are a rip off. There should be a percentage refund on all insurance if you never have to use it per year. It doesn't make since how high insurance is.
Insurance, now there is a great scam. You pay for a product that you may never use. Once you do use it, your rates increase.
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