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North Carolina Rate Bureau Reform – New Insurance Commissioner

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The North Carolina Rate Bureau With A New Insurance Commissioner

The North Carolina Rate Bureau (NCRB) is one of the last standing independent rating bureaus for Workers Compensation.    The times are changing as the new Insurance CommissionerMike Causey  has mentioned that one of his post-election goals was to reform the NCRB.    Mr. Causey does have the background of a former insurance agent.   That may be an interesting twist on his upcoming role.

Insurance Commissioner North Carolina Rate Bureau Mike Causey Picture
(c) nc4causey.com

The former  (as of Jan 1st) Insurance Commissioner since 2009 Wayne Goodwin was defeated in the last general election by approximately 40,000 votes.   Commissioner Goodwin has been a stalwart on the recent 24.9% recommended property insurance increase recommended by the insurance company consortium.  He is a critic of the Affordable Care Act.

For more information about the NC Insurance Commissioner election, please follow the link.

The personnel at the NCRB have always been very nice and helpful to me with Classification Codes, Experience Rating Sheets, and other rating information with North Carolina insureds.    I have disagreed and agreed with some of their decisions on how a certain employer is rated for their WC coverage.

This is one of the platforms that Commissioner-elect Causey ran for election upon:

Hand Thumbs Up North Carolina Rate Bureau With Rating Bar
StockUnlimited

“Reform outdated System North Carolina is the only state in the country that still has a Rate Bureau – a vestige of days gone by when government control stifled summed up in the insurance industry. Mike Causey knows the consumer suffers in this system as they pay more for bad drivers and prop up an outdated process and will work to bring insurance reform.”

This seems to be pointed more at the auto insurance ratings.    I have seen no comments from that Commissioner-elect  has made on Workers Compensation at the North Carolina Rate Bureau.

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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