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North Carolina
Related: About this forumAmended NC auto insurance bill still faces opposition
RALEIGH A controversial bill that would overhaul the states 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
Were not taking the commissioner of insurance out of the process, said Rep. Jeff Collins, a Republican from Rocky Mount, whos also a primary sponsor.
Thats not how Goodwin sees it. Insurance Department spokeswoman Kerry Hall said that the changes outlined at the hearing arent 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 arent excessive, it would be impossible, practically speaking, for him to successfully challenge a rate increases below that threshold.
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
Were not taking the commissioner of insurance out of the process, said Rep. Jeff Collins, a Republican from Rocky Mount, whos also a primary sponsor.
Thats not how Goodwin sees it. Insurance Department spokeswoman Kerry Hall said that the changes outlined at the hearing arent 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 arent 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
joesdaughter
(243 posts)1. N.C state legislators
How many have day jobs in the insurance industry?
octoberlib
(14,971 posts)2. Probably more than a few. This is also an ALEC bill.