Friday, April 15, 2011

Should the auto insurance industry, which helped fund the political campaigns of many elected officials, receive higher profits by purchasing votes in North Carolina's State legislature?

"Industry-backed legislation that would allow auto insurers
to raise rates by up to 15 percent a year
and weaken North Carolina's current regulatory system
would lead to higher consumer costs, the state's top insurance regulator said Monday.

"The bottom line here is this: insurance companies want more of your money.

These proposals would no doubt lead to higher car insurance rates," Insurance Commissioner Wayne Goodwin said...

North Carolina has among the lowest auto insurance rates in the country

Should any North Carolina State legislator who votes to raise auto insurance rates
at the behest of the special interests who are trying to buy them off,
be targeted for removal from office?

...a spokesman for the industry group working to limit price regulation
says the current system benefits less-desirable drivers
and raises prices for the least risky drivers.


"Really the best regulator of price is competition," said David Stoller,
a lobbyist for State Farm Mutual Automobile Insurance Co.


...Goodwin said he will fight legislation introduced in the state Senate last week that would:

— allow auto insurers to raise prices by up to 15 percent per year without regulatory approval.

How many legislators received how much money from the auto insurance industry?

— stop the insurance commissioner from contesting the rate increases
because he or she considers them too large.

Why would who want the state's insurance regulator
to be prohibited from objecting to auto rate increases?

— let insurers consider a consumer's slumping credit score
among other signals that allow them to raise premiums.

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