N.C. auto insurers to cut rates, provide refunds - Triangle Business Journal:

wanuso.wordpress.com
The rate bureau represents auto insurerws acrossthe state. The settlement eliminates a 9.4 percent rate increased last year and reduces ratesby 0.5 percen t this year. In addition, the bureau may not file for changed to auto ratesuntikl 2011. Goodwin’s office estimatese the settlement will save North Carolinapolicyholders $545 million. “I’m thrilled that North Carolina drivers will see a decreases in their autoinsurance rates,” Goodwi n says.
“Drivers will not only see lowefr rates, but many will also receiv refund checks beginningin mid-2010 that may togetherf total more than $50 The refunds stem from a dispute between the department and the bureau over ratesa ordered in 2008. During the appeals the bureau implemented aninterim 9.4 percent rate increase that went into effec t on Jan.1 of this year. In cases where insurancr companies charged policyholders more than the rates determinedd bythat settlement, insurance companies are required by statute to refunf the difference between the rates chargef and the settled rates, with interest.