North Carolina Rate Bureau

Statutory annual data reporting requirement for member companies:per article 36 of chapter 58 of the general statutes of north carolina requirements, the north carolina rate bureau must collect on an annual basis information and reports from its' member companies. This annual data is used to prepare rate filings, apportionment of expenses, and determination of expense allowances and assessments. The reports that must be collected include property and casualty annual statements and insurance expense exhibits, as well as private passenger automobile, homeowners, dwelling and mobile homeowners expense experience and installment payment data. The governing committee approved a penalty fee of $100/day for the late submission of this annual data. This fee is assessed in july of each year.

The north carolina rate bureau was created by the general assembly of north carolina under the provisions of article 36 of chapter 58 of the general statutes for the "establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions" (excerpt from the north carolina rate bureau constitution) and to provide services and programs for the north carolina insurance industry for automobile, property, and workers compensation lines of insurance. In order to fulfill this purpose, the north carolina rate bureau files numerous proposed changes on behalf of the bureau's member companies to the north carolina commissioner of insurance. The bureau also has a number of online services that member companies, carriers, and insurance companies can utilize to aide users' day-to-day insurance needs and a dedicated information center is also is available to provide real-time assistance and/or information. The north carolina rate bureau's website posts frequent updates of their activities to https://www.ncrb.org/ncrb, so more detailed information can be found there.