RALEIGH, N.C. (WITN) – A date has been set for a hearing to hash out an agreement surrounding a proposed car insurance rate hike in North Carolina.
North Carolina Insurance Commissioner Mike Causey says the hearing will take place at 10 a.m. in Raleigh on September 22nd.
The North Carolina Rate Bureau has proposed a 22.6% rate increase for vehicles.
“We are not in agreement with the Rate Bureau’s proposed increases filed on Feb. 3. The next step, according to statute, is to set a hearing date,” said Commissioner Causey in a press release. “The purpose of the hearing is to reach a resolution that will make the most financial sense for both North Carolina residents and insurance companies.”
The state department of insurance and the rate bureau can negotiate a settlement before the hearing.
Causey has 45 days from the hearing date to issue an order. The rate bureau can appeal the order to the state court of appeals and potentially the state supreme court.
The 10 a.m. hearing is in the Second Floor Hearing Room, Room 211, at 3200 Beechleaf Court in Raleigh.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.