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.”
The hearing will begin at 10 a.m. in the Jim Long Hearing Room in the Albemarle Building, 325 N. Salisbury St., Raleigh.
The hearing will be held unless the N.C. Department of Insurance and the N.C. Rate Bureau are able to negotiate a settlement before that date. State law gives the insurance commissioner 45 days to issue an order once the hearing concludes. Once the order is issued, the NCRB has the right to appeal the decision before the N.C. Court of Appeals. A court of appeals order could then be appealed to the N.C. Supreme Court.
The NCRB and DOI can settle the proposed rate increase at any time during litigation.