North Carolina Insurance Commissioner Mike Causey is working with insurance companies so they can provide financial assistance to consumers during the COVID-19 health emergency. Many automobile insurers are announcing rebates and discounts due to the “Stay at Home” order, but, by law, rebates are not allowed in North Carolina and discounts must be filed in advance with the Department for approval. As an alternative, the Commissioner has developed a filing mechanism that will quickly allow companies to legally offer discounts to help their policyholders.
“This plan provides companies with an expedited way to bring economic relief to our residents,” said Commissioner Causey. “I cannot ignore our laws that do not allow monies to be given to policyholders that are not tied to a decrease or cancellation of coverage. I can, however, assist companies in offering legal discounts,” he added.
Insurers who would like to offer an assistance plan to consumers during the COVID-19 emergency must contact the N.C. Department of Insurance Property and Casualty Division at 1-855-408-1212.
Policyholders should contact their insurance carriers to see if their company is offering a financial assistance plan.