What is the primary duty of members in the NC Rate Bureau?

The primary duty of members in the NC Rate Bureau is to gather and analyze statistical data for rate-making. This involves collecting detailed financial and loss information from insurers and using that data to determine appropriate rates for insurance products. The goal is to ensure that rates are adequate and not discriminatory while maintaining the financial stability of the insurance providers.

By focusing on data analysis, the NC Rate Bureau plays a crucial role in helping to establish fair and competitive rates for consumers, which ultimately promotes a healthy insurance market. This responsibility is critical because rate-making directly impacts the affordability and availability of insurance for policyholders across North Carolina.

Other functions, such as regulating claims processes or directly setting premium rates for specific health insurance products, do not fall under the primary duties of the NC Rate Bureau but may be managed by other regulatory entities or divisions within the insurance industry. Offering insurance to policyholders is typically the role of insurance companies, not the bureau itself.