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