Sep. 12--Insurance Commissioner Jim Long is leaving office with a bang, ordering a whopping 16.1 percent decrease in auto insurance premiums. Insurance companies in the state have asked for a 12.9 percent increase -- the largest jump they have sought since 1994, but Long ruled that amount wasn't justified by the data they submitted. Thursday's order by Long, who isn't seeking re-election this year after 24 years in office, came after a monthlong hearing in which his staff squared off against the N.C. Rate Bureau, which represents insurers.....
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Car Insurance News: Long Slashes Auto Rates: Insurance Chief Says Highest Premiums Should Fall 16% on Jan. 1; Insurers Might Appeal...Get an auto insurance quote!