Insurance Commissioner Mike Causey announces the N.C. Rate Bureau has elected to withdraw the rate filing made on Nov. 30, 2016, which would have seen an increase of +19.6% average in North Carolina.
The rate filing was reviewed by Department of Insurance experts who discovered data issues that needed to be resolved before the filing could move forward. The N.C. Rate Bureau elected to withdraw the filing.
The North Carolina Rate Bureau has requested the N.C. Department of Insurance increase homeowners' insurance rates 17.4 percent effective Oct. 1, 2019. The N.C. Rate Bureau represents the state's insurance companies and is a separate entity from the N.C. Department of Insurance.
The Rate Bureau attests the increase is needed to cover increased losses, hurricane losses and the net cost of reinsurance.
N.C. business owners may soon enjoy lower operating costs. On October 19, Insurance Commissioner Mike Causey approved an average 17.2 percent rate decrease for workers’ compensation insurance to be effective April 1, 2019
"This rate decrease should serve as an economic boon to the state’s small businesses," said Commissioner Causey. "I am pleased to approve the North Carolina Rate Bureau’s request for lower rates because it will ultimately put more money in the pockets of business owners and our consumers."
Insurance Commissioner Mike Causey announced today the N.C. Department of Insurance has ended its legal dispute with the North Carolina Rate Bureau on its proposal for an 18.9 percent dwelling insurance rate increase. Commissioner Causey has negotiated an almost 14 percent lower rate for an overall statewide average increase of 4.8 percent.
[video:https://youtu.be/kzBpNbLhAao]
Insurance Commissioner Mike Causey announced today the N.C. Department of Insurance has ended the legal dispute with the North Carolina Rate Bureau on its proposal for an 18.7 percent homeowners' insurance rate increase. Commissioner Causey has negotiated an almost 14 percent lower rate for an average 4.8 percent increase statewide.
The North Carolina Department of Insurance received a Dwelling insurance rate filing from the N.C. Rate Bureau on Wednesday, Feb. 7. The N.C. Rate Bureau, which is not part of the Department of Insurance, represents all companies writing property insurance in the state. The Rate Bureau requested a statewide average rate increase of 18.9 percent, varying by territory, with a requested effective date of Oct. 1, 2018.
North Carolina Insurance Commissioner Mike Causey has set July 23, 2018 as the hearing date for the North Carolina Rate Bureau’s proposed 18.7 percent homeowners insurance rate increase.
A hearing on a proposal by the North Carolina Rate Bureau to increase dwelling insurance rates, scheduled for Jan. 13, has been canceled after the NCRB reached a settlement with the N.C. Department of Insurance.
The NCRB, which is not a part of the N.C. Department of Insurance but represents companies that write insurance policies in the state, had requested a statewide average rate increase of 19.2%, varying by territory.