North Carolina Rate Bureau

Programs: Workers' compensation assigned risk planthe bureau assures the availability of workers' compensation insurance to any eligible risk in north carolina by assigning the risks to members on an equitable basis. The bureau receives premium payments which are deposited and then immediately disbursed to an assigned member company. Since the bureau acts only as a pass-through for these premiums, these premiums are not recorded on any statement of cash receipts and disbursements. In 2017 the bureau collected and disbursed premiums of $43,428,844 and $43,288,379, respectively, related to the workers' compensation assigned risk plan.

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. During 2017, $4,600 was collected from companies submitting late data.

one of the purposes of the north carolina rate bureau is the establishment and administration of classifications, rules, rates, loss costs, rating plans, policy forms and policy provisions for the automobile insurance, property insurance and workers compensations insurance pursuant to article 36 of chapter 58 of the general statutes of north carolina (excerpt from north carolina rate bureau constitution). In order to fulfill this purpose, the north carolina rate bureau files proposed changes on behalf of the bureaus member companies to north carolina commissioner of insurance. Below is a listing of some of the bureau's program service accomplishments: autorevised automobile and motorcycle insurance ratesreleased modified model year and symbol relativities that reflected a shift in the model year base from 2016 to 2018propertybegan consideration for a flood program evaluation and search for flood plan committee membersrevised manual rules and rates for homeowners windstorm and hail policy programreleased revised homeowner aoi relativity factors, protection/construction relativity factors, base rates, and modified wind and hail exclusion credits and windstorm loss mitigation credits to reflect construction typeworkers compensationfiled an experience rating modification factor revision endorsementreleased an enhanced online format of the north carolina basic manual for workers compensation and employers liability (basic manual) and the north carolina statistical plan manual (stat plan manual)filed revisions to the north carolina basic manual rule 3-d-professional employers organizationfiled revisions to north carolina basic manual for workers compensation and employers liabilityannounced new web application, manageownership, to provide means for submitting ownership changes filing proposed changes to workers compensation insurance advisory loss costs, rating values and miscellaneous values