State insurance Commissioner Jim Long is leaving office with a bang, ordering a whopping 16.1 percent decrease in auto insurance premiums, The News & Observer's David Ranii reported .
Insurance companies in the state have asked for a 12.9 percent increase -- the largest jump they have sought since 1994. But Long ruled that amount wasn't justified by the data they submitted.
The order by Long, who isn't seeking re-election after 24 years in office, came after a monthlong hearing in which his staff squared off against the N.C. Rate Bureau, which represents insurers.
The Rate Bureau has not decided whether to appeal the order to the courts.
If Long's order stands, the Insurance Department estimates the savings for the state's motorists will exceed $1 billion.
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