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Should N.C. insurers set own auto rates? NO

Published: Sunday, June 30, 2013
The complete editorial can be found here: The Charlotte Observer

For years, big out-of-state insurance companies have fought to change the way we regulate car insurance in North Carolina. After another failed attempt in the legislature in April, they’re at it again. Their persistence is driven by one thing. Greed. To put it simply, they see an opportunity to make more money off of N.C. drivers.

Their lobbyists have descended on the legislature in a desperate effort to amend Senate Bill 180. The amendment would allow them to bypass the cap on rates that is set by the state and file for unlimited rate increases whenever they want. The cost of car insurance will inevitably go up for drivers across the state. But they won’t tell you that.

Here are the facts. This is not a modest reform or compromise. It’s an overhaul of a system that protects our drivers from insurance companies that are just out to make another buck.

The amendment doesn’t guarantee more competition. It doesn’t guarantee that more discounts will be available. What it guarantees is that it will be much easier for insurance companies to raise your car insurance rates. Under this proposal, it would be nearly impossible – legally and logistically – for the Commissioner of Insurance to prevent rate increases....

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