About North Carolina Laws, Health Insurance and Regulations…
North Carolina is home to a robust insurance industry that provides state residents with a wide variety of services and protections. The industry is regulated by the North Carolina Insurance Department. The agency is responsible for ensuring that insurance companies comply with federal regulations and those established by the state’s Legislature. Many of the state’s regulations are designed to protect consumers from being taken advantage of by malicious businesses that may seek to exploit them.
All drivers in North Carolina must maintain auto insurance coverage for the vehicles they operate. The North Carolina Insurance Department has established minimum requirements for coverage that drivers may maintain in order for their vehicles to be considered insured.
The minimum levels of coverage account for: $30,000 of coverage for injuries or deaths involving one person in a single accident; $60,000 of coverage for injuries or deaths involving two or more people in a single accident; and $25,000 of property damage coverage.
The average cost of auto insurance in North Carolina is $1,197, below the national average of $1,725. The minimum requirements for auto insurance coverage established by the state offer limited protections to drivers. The North Carolina Insurance Department recommends purchasing coverage above the minimum level to ensure that drivers are well protected.
The North Carolina insurance industry is home to a strong property sector that offers coverage options to businesses and consumers alike. Homeowners insurance is not required by the state, but is strong recommended in order to protect properties against natural disasters and other loss scenarios. The North Carolina Insurance Department regulates the property insurance sector to ensure rates do not grow at an excessive rate. Property insurance companies have been introducing higher rates for coverage in recent years in order to offset the losses they see from natural disasters and other incidents.
By 2014, all U.S. citizens will be required to purchase and maintain some form of health insurance coverage, This is one of the provisions of the Affordable Care Act, which has been steeped in controversy since it was passed in 2010. This is a federal mandate, thus North Carolina does not have any specific laws requiring consumers to purchase health insurance coverage. The state is required to host a health insurance exchange system that will give consumers access to affordable policies, however.
As of November 2012, North Carolina has plans to partner with the federal government to develop a working health insurance exchange program. This program will be regulated by both state and federal agencies and will sell policies from the North Carolina insurance industry.
North Carolina Insurance Resources:
North Carolina Insurance Commissioner: Mike Causey
North Carolina Department of Insurance Website: http://www.ncdoi.com/
North Carolina Insurance Licensing Info: http://www.ncdoi.com/ASD/
File Insurance Complaint: http://www.ncdoi.com/Contacts/Contact_Complaints.aspx