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Call For Action | Fighting Proposed Insurance Rate Increase

NC REALTORS® Launched a Call for Action on November 19, 2020 in Response to the Insurance Companies Request to Raise Homeowners’ Insurance Rates

On November 9, 2020, the North Carolina Rate Bureau (NCRB) requested that North Carolina Insurance Commissioner Mike Causey increase homeowners’ insurance rates by a staggering 25 percent. The NCRB is a non-government entity that serves the insurance industry in North Carolina.

The proposed 25 percent increase is statewide, except in the following counties:

  • Coastal areas of Beaufort, Camden, Chowan, Craven, Jones, Pasquotank, Perquimans, Tyrell & Washington Counties – 15 percent increase. Other areas of these counties see a 25% increase.
  • Cherokee, Clay, Graham, Jackson and Macon, 23 percent increase.

View the territories with proposed rate increases.

Regardless of region, this request is outrageously exorbitant.

We need you to tell Commissioner Causey to OPPOSE the proposed rate increase!

Click here to participate in the CFA and to help stop this outrageous request.

TAKE ACTION

Participate in Public Comment

A public comment period is required by law to give the public time to address the rate bureau’s proposed rate increase.  NC REALTORS® is working with the Department of Insurance to schedule times for comment from various local board locations. If you are interested in providing public comments, please email Anna Harvey, NCR’s Government Affairs Assistant.

A virtual public comment forum will be available on Dec. 10 from 10 a.m. to 3 p.m. The link to this virtual forum is: https://ncgov.webex.com/ncgov/j.php?MTID=m28717b65acc9281b45e4c7bd66151e39

What is the North Carolina Rate Bureau?

The North Carolina Rate Bureau (NCRB) serves the insurance industry in North Carolina. It a non-profit unincorporated rate bureau created by the General Assembly.

NCRB was established in 1977 and is the establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions for automobile insurance, property insurance, and workers’ compensation insurance. It is made up of representatives from all insurance companies who write policies in NC.

Do all states have a rate bureau?

Insurance companies in North Carolina do not individually set their rates. Instead, this is the only state in the country that authorizes insurance companies to share data and collectively set rates.

Does the North Carolina Rate Bureau have any oversight?

Yes, the North Carolina Insurance Commission, headed by Commissioner Mike Causey, regulates the insurance industry.

Does NCRB represent consumer interest?

No, NCRB only represents insurance companies. This is why NCR has launched a CFA, and why we need your help to represent our industry and your clients.



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