North Carolina Rate Bureau

Raleigh, NC   |  WWW.NCRB.ORG/NCRB

Mission

THE BUREAU WAS ESTABLISHED UNDER ARTICLE 36, CHAPTER 58, NC GENERAL STATUTES. THE PURPOSE OF THE NORTH CAROLINA RATE BUREAU IS TO ADMINISTER PROPERTY AND CASUALTY RATES FOR THE INSURANCE INDUSTRY IN NORTH CAROLINA. THE BUREAU MAINTAINS RULES AND REGULATIONS AND ESTABLISHES PREMIUM RATES FOR MOTOR VEHICLE, WORKERS' COMPENSATION AND PROPERTY INSURANCE. THE BUREAU ALSO ENSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS.ALL EXPENSES ARE RELATED TO THOSE FUNCTIONS. THE NC RATE BUREAU RECEIVES NO GRANTS AND ALL EXPENSES ARE BORNE BY ITS MEMBER INSURANCE COMPANIES IN PROPORTION TO WRITTEN PREMIUMS.

Ruling year info

1979

Principal Officer

EDITH DAVIS

Main address

2910 Sumner Blvd

Raleigh, NC 27616

EIN

56-1179542

NTEE code info

Professional Societies, Associations (Y03)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Programs and results

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Our programs

SOURCE: IRS Form 990

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Program 1

WORKERS' COMPENSATION ASSIGNED RISK PLAN:THE 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 IMMEDIATELY DISBURSED TO AN ASSIGNED MEMBER COMPANY. SINCE THE BUREAU ACTS ONLY AS A PASS-THROUGH FOR THESE PREMIUMS, IT IS NOT RECORDED ON ANY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS.IN 2019 THE BUREAU COLLECTED AND DISBURSED PREMIUMS OF $9,600,556 AND $9,846,773, RESPECTIVELY, RELATED TO THE WORKERS' COMPENSATION ASSIGNED RISK PLAN.

Expenses
$0
Revenue
$0

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 2019, $13,500 WAS COLLECTED FROM COMPANIES SUBMITTING LATE DATA.

Expenses
$0
Revenue
$0

AUTO:- FILED WITH THE COMMISSIONER OF INSURANCE RATE LEVEL CHANGES FOR NON-FLEET PRIVATE PASSENGER AUTOMOBILES AND MOTORCYCLES; RATES WERE LATER SETTLEDPROPERTY:- ANNOUNCED RECENTLY APPROVED REVISIONS TO THE HOMEOWNERS AND DWELLING PROGRAMS RELATED TO RULE A9 WINDSTORM MITIGATION PROGRAM IN THE HOMEOWNERS AND DWELLING POLICY PROGRAM MANUALS- ANNOUNCED RECENTLY APPROVED REVISIONS TO HB 32 32 SPECIAL PROVISIONS ENDORSEMENT- ANNOUNCED DEVELOPMENT OF A STAND-ALONE INSURANCE PROGRAM FOR FLOOD DAMAGE - FILED WITH THE COMMISSIONER OF INSURANCE PROPOSED REVISED HOMEOWNER'S INSURANCE RATES FOR HOMEOWNERS' COVERAGES SUBJECT TO THE RATE BUREAU'S JURISDICTION, WITH A STATEWIDE AVERAGE CHANGE OF +17.4%- ANNOUNCED THE COMMISSIONER OF INSURANCE HAS APPROVED THE DWELLING 2014 POLICY PROGRAM, WHICH REPLACED THE CURRENT DWELLING POLICY PROGRAM- ANNOUNCED REVISED MOBILE HOMEOWNERS RATES AND RULES FOR MH(F) AND MH(C) PROGRAMS, BASED ON RENEGOTIATIONS WITH THE COMMISSIONER OF INSURANCEWORKERS COMPENSATION:- ANNOUNCED NEW E-PAYMENT PROCESS FOR COLLECTING PAYMENT ON ASSIGNED RISK POLICIES TO BECOME EFFECTIVE MARCH 2019- ANNOUNCED ASSIGNED RISK TAKE-OUT CREDIT PROGRAM AND PROVIDED DIRECTIONS ABOUT RECEIVING CONSIDERATION FOR CREDITS UNDER THE PROGRAM- RELEASED COMMISSIONER OF INSURANCE-APPROVED REVISIONS TO THE NORTH CAROLINA BASIC MANUAL FOR WORKERS COMPENSATION AND EMPLOYERS LIABILITY- NOTIFIED CARRIERS THAT THE NCRB, IN COOPERATION WITH THE NCCI, PROVIDED REQUESTED DATA TO THE NAIC RELATED TO TERRORISM RISK AND WORKERS COMPENSATION COVERAGE- ANNOUNCED 2018 CARRIER DATA QUALITY REPORT AVAILABILITY- ENHANCEMENTS MADE TO THE MANAGEPOLICY WEB APPLICATION'S ERROR AND REJECTION FOLLOW UP REPORT EFFECTIVE MAY 2019- REVISIONS TO ALTERNATE EMPLOYERENDORSEMENT- FILED, AND THE NORTH CAROLINA COMMISSIONER OF INSURANCE APPROVED, REVISIONS TO THE NORTH CAROLINA BASIC MANUAL FOR WORKERS COMPENSATION AND EMPLOYERS LIABILITY (NC BASIC MANUAL)- IMPLEMENTED PROCESSING CHANGES TO ALLOW LONG TERM POLICY TRANSACTIONS (04) TO AUTOMATICALLY PROCESS IN SYSTEMS WITHOUT THE NEED FOR MANUAL REVIEW EFFECTIVE 07/20/2019. - RELEASED THE 2019 REPORT OF WORKERS COMPENSATION INSURANCE IN NORTH CAROLINA- FILED, AND THE NORTH CAROLINA COMMISSIONER OF INSURANCE APPROVED, PROPOSED RESIDUAL MARKET WORKERS COMPENSATION INSURANCE RATES, RATING VALUES AND MISCELLANEOUS VALUES TO BECOME EFFECTIVE APRIL 1, 2020- FILED, AND NORTH CAROLINA COMMISSIONER OF INSURANCE APPROVED, REVISIONS TO THE CANCELLATION AND NON-RENEWAL ENDORSEMENT (WC 32 06 01 A) EFFECTIVE APRIL 1,2020- PROVIDED THE 2019 MEDICAL DATA REPORT AND THE OPIOID UTILIZATION SUPPLEMENT FOR NC, COMPILED BY THE NATIONAL COUNCIL ON COMPENSATION INSURANCE

Expenses
$0
Revenue
$0

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Financials

North Carolina Rate Bureau
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