North Carolina Insurance Commissioner Jim Long has signed aregulation reducing private passenger auto insurance rates by 2.9percent effective Nov. 15.
An insurance industry trade group immediately expresseddispleasure with the move.
“The commissioner's action continues to put pressure on autoinsurers in North Carolina in terms of them trying to manage theirrisks and achieve a reasonable return on their investment there,”NAMIC senior state affairs manager David Reddick said. “It isunfortunate that rates are controlled by a single electedofficial.”
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