How many days written notice must an insurer give before increasing rates for individual accident and health policies?

In North Carolina, insurers are required to provide a minimum of 30 days written notice before the increase in rates for individual accident and health policies takes effect. This requirement is in place to ensure that policyholders have adequate time to review the changes, assess their options, and take necessary actions, such as shopping for a different policy or adjusting their coverage.

This 30-day notice period is designed to promote transparency and fairness within the insurance industry, allowing consumers to make informed decisions. By adhering to this requirement, insurers help maintain trust and communication with their policyholders. Moreover, it aligns with regulatory practices that protect consumers from unexpected or abrupt changes in their insurance costs.

The other options do not reflect the correct timeframe mandated by law, as 15, 45, and 60 days are outside of the established requirement for providing notice of rate increases for these types of insurance policies.