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Thursday, March 31, 2005

Insurance commissioner to host hearing on auto rates

State Insurance Commissioner Jim Long will conduct a hearing in September to discuss auto-insurance rates.



The move comes after the NC Rate Bureau filed for an 11.5 percent increase in rates in early February.



Long's agency denied the request, triggering a state law requiring that a hearing be held.



Auto-rate hearings typically encompass three to four weeks of testimony from both sides.



At the conclusion of such hearings, Commissioner Long will decide what rate change, if any, is warranted. The NC Rate Bureau then has the right to appeal through the court system.



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