Topics Related to Insurance Rates

North Carolina Insurance Commissioner Mike Causey has set April 8, 2024 as the hearing date for the North Carolina Rate Bureau’s proposed 50.6% dwelling insurance rate increase. “We are not in agreement with the Rate Bureau’s proposed increases filed July 13, 2023,” said Commissioner Causey. “The next step, according to statute, is to set a hearing date. It is now necessary to hold a hearing to reach a resolution that will make the most financial sense for our residents and insurance companies.”

North Carolina Insurance Commissioner Mike Causey is reminding customers of Friday Health Plans of North Carolina, Inc. (FHP-NC) that they have until the end of the day on Thursday, Aug. 31 to choose a new health insurance plan.

This month, as nearly 1.5 million students return to classrooms across North Carolina, Insurance Commissioner Mike Causey, who also serves as Chair of Safe Kids N.C., is reminding everyone to keep safety in mind when walking, driving, or riding the bus to school.

As students return to classrooms across North Carolina, there will be a higher concentration of commuters-especially children-who travel by bus, motor vehicle, bicycle or walk along the roadways. As a result, state leaders and law enforcement are encouraging motorists to brush up on the school bus safety law to keep students safe, avoid accidents and avert insurance penalties. 

Insurance Commissioner Mike Causey today announced a settlement with the N.C. Rate Bureau on automobile insurance rates. The settlement is about two-thirds less than the insurance companies had requested. 

North Carolina Insurance Commissioner Mike Causey, who also serves as the State Fire Marshal, will announce a new insurance rating for the Gastonia Fire Department on Tuesday, Aug 8.The announcement will take place at 10 a.m. at the Gastonia Fire Department, 260 N. Myrtle School Rd. Gastonia, N.C. 28052.

Insurance Commissioner Mike Causey announced today that Friday Health Plans of North Carolina Inc. (FHP-NC) was placed into receivership, effective July 16, to protect North Carolina policyholders. Liquidation of FHP-NC will occur Sept. 1.FHP-NC policyholders must choose a new exchange health insurance plan by Aug. 31 to avoid a gap in health insurance coverage.

The North Carolina Rate Bureau has requested a 50.6% statewide average rate increase for dwelling policies.The Rate Bureau represents the insurance companies in the state and is not a part of the N.C. Department of Insurance.The Rate Bureau filed the proposed increase with the Department of Insurance on July 13. The request would take effect on June 1, 2024.

The N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposed insurance rate increase for Mobile Home - F (MH-F) policies and Mobile Home -Casualty (MH-C) policies, averting a potentially costly administrative battle with insurance companies. 

North Carolina Insurance Commissioner Mike Causey has set Oct. 16 as the hearing date for the North Carolina Rate Bureau’s proposed 28.4% 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.”