Insurance Commissioner Wayne Goodwin wants to remind North Carolinians that starting this week, approximately one million policyholders will begin receiving refund checks from their auto insurance companies totaling more than $50 million. The refund distribution is a result of the 2009 auto rate settlement with the N.C. Rate Bureau (NCRB) that Commissioner Goodwin signed last July.
"These refund checks represent instances where North Carolina drivers were paying too much for their auto insurance, and I'm glad that these extra premium dollars plus interest will go back into their wallets," said Commissioner Goodwin. "The refund distribution will occur in two different waves, the first starting this week and the second starting on Nov. 1."Refund checks will be mailed to eligible policyholders. According to the settlement language, companies writing only six-month policies and companies writing both six-month and 12-month policies that expire prior to May 1, 2010, should send out refunds May 1 - July 31, 2010. All other refunds should be sent Nov. 1, 2010 to Jan. 31, 2011.
Under the settlement, the NCRB may not file changes to auto rates until 2011, which means that the maximum allowable auto rates are locked in until Oct. 1, 2011 at the earliest.
"In addition to $50 million in refunds, the 2009 auto rate settlement saves North Carolina policyholders an estimated $545 million and is a good example of the on-going consumer protection efforts of this office," added Commissioner Goodwin.For more information, go to www.ncdoi.com or this link. Previous reference to the details are found, in part, at this additional link here.