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octoberlib

(14,971 posts)
Wed Apr 10, 2013, 08:15 PM Apr 2013

Amended NC auto insurance bill still faces opposition

RALEIGH — A controversial bill that would overhaul the state’s regulation of auto insurance rates has been modified in response to objections raised by opponents.
But the changes, unveiled Tuesday in a legislative committee meeting, failed to win over opponents of the bill, including Insurance Commissioner Wayne Goodwin.

The original bill would allow companies to opt out of the current system in which the state-created N.C. Rate Bureau submits an overall rate request for all auto insurers, instead permitting individual companies to set their rate as long as the average increase was no more than 12 percent per year. The amended bill sets a new threshold of 7 percent annually

“We’re not taking the commissioner of insurance out of the process,” said Rep. Jeff Collins, a Republican from Rocky Mount, who’s also a primary sponsor.
That’s not how Goodwin sees it. Insurance Department spokeswoman Kerry Hall said that the changes outlined at the hearing aren’t sufficient for Goodwin to withdraw his opposition.

The bill “could still amount to automatic increases year after year for drivers,” Hall said.
The commissioner contends that because the bill presumes that increases of 7 percent or less aren’t excessive, it would be impossible, practically speaking, for him to successfully challenge a rate increases below that threshold.


http://www.newsobserver.com/2013/04/10/2814832/amended-nc-auto-insurance-bill.html#wgt=rcntnews



Read more here: http://www.newsobserver.com/2013/04/10/2814832/amended-nc-auto-insurance-bill.html#wgt=rcntnews#storylink=cpy
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Amended NC auto insurance bill still faces opposition (Original Post) octoberlib Apr 2013 OP
N.C state legislators joesdaughter Apr 2013 #1
Probably more than a few. This is also an ALEC bill. octoberlib Apr 2013 #2
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