In the wake of the recent controversy surrounding the proposed rise in automobile insurance rates, North Carolina Insurance Commissioner Mike Causey has scheduled, a hearing for September 22. This announcement follows the North Carolina Rate Bureau’s (NCRB) filing on February 3 that detailed their desire to hike rates by 23%. The proposed increase has stirred discontent, as the substantial rise could impact many residents across the state.
Commissioner Causey expressed his disagreement with the proposed increases, as he stated in an announcement, “We are not in agreement with the Rate Bureau’s proposed increases filed on Feb. 3. The next step, according to statute, is to set a hearing date.” He indicated that the purpose of the upcoming hearing is to find common ground that considers the financial well-being of both North Carolina residents and insurance companies.
The hearing will commence at 10 a.m. at the Second Floor Hearing Room, Room 211, 3200 Beechleaf Court., Raleigh. It’s slated as an opportunity for both parties to negotiate terms that could avert the proposed rate hike. If a settlement is not reached, the structured state law mandates that Commissioner Causey has 45 days to issue a final order following the hearing’s conclusion…