Legislation removes rate caps on auto insurance in North Carolina

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New legislation removes rate limitations on auto insurers New legislation could remove North Carolina’s limits on auto insurance rates. Currently, the state’s insurance companies are required to adhere to rules that place limits on how much they can charge for auto insurance every year. These limits are determined by Insurance Commissioner Wayne Goodwin, along with other regulators, and are meant to provide consumers with some degree of financial protection. The new legislation will change this, allowing insurers to opt out of the current regulatory structure and have more control over…

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New regulations target auto insurance laws in North Carolina

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Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

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Auto insurance rates remain stable in North Carolina

North Carolina Auto Insurance

North Carolina’s insurers are not seeking to raise rates for auto coverage this year North Carolina drivers have received some good news from the state’s Department of Insurance. According to Insurance Commissioner Wayne Goodwin, the Department of Insurance has received no rate filing from the North Carolina Rate Bureau. This means that the state’s auto insurance companies have not sought to increase premiums this year. This may provide the state’s drivers with some relief as they will not have to pay more for insurance coverage this year. Past settlement with…

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Auto insurance bill amendment in North Carolina builds angry debate

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The industry in the state has been brought to the level of feuding as an old battle is brought back in the light. The internal battle among the auto insurance companies in North Carolina over the ways in which the rates are regulated by the state is back, once again, for a few more rounds in the back rooms and hallways of the legislature. Though the effort to recreate the state regulatory system was lost this spring, its supporters haven’t given up. A coalition of auto insurance companies, FAIR NC,…

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Auto insurance legislation struck down in North Carolina

Auto Insurance

Auto insurance bill fails before House Insurance Committee A legislation designed to reform North Carolina’s regulations governing auto insurance rates has been unseated by the state’s House Insurance Committee this week. The bill was put down by a vote of 18-11, with opponents claiming that the legislation did not offer solutions to the state’s current problem. The legislation was staunchly opposed by Insurance Commissioner Wayne Goodwin, as well as several companies and trade groups representing the auto insurance industry. Bill aimed to provide insurers with more freedom in the rate…

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