Share this Site Facebook Twitter LinkedIn LinkedIn

Already a member? Log in. If not, please join us.

In the News

Insurance 'reform' has high stakes

Published: Mar 05, 2013
The complete article can be found here: Ashville Citizen Times

One good way to tell how much is at stake in any issue before the N.C. General Assembly is to count the number of lobbyists working on it. By that standard, an awful lot is involved in the fight over the state’s auto insurance system.Under the existing system, insurers must propose industrywide rate changes that can be challenged by the Insurance Department. Rates in North Carolina are the lowest in the South and among the lowest in the nation. Average premiums have fallen 3 percent since 2006.

Some insurers want to dismantle the system. A bill filed by Sen. Wesley Meredith, R-Fayetteville, would allow a company to raise rates as much as 12 percent a year without state review. Sen. Ralph Hise, R-Spruce Pine, is another primary sponsor.One of the lobbyists, former state Sen. Patrick Ballantine, speaks piously of giving drivers “the benefits of competition,” when it appears to us the likely benefits will accrue to insurers who charge higher rates.

« Back to Articles