How often must insurers report rate changes to the Commissioner of Insurance in North Carolina?

Insurers in North Carolina are required to report rate changes to the Commissioner of Insurance as changes occur. This means that insurers do not have a set schedule, such as quarterly, annually, or every five years, to report these changes; instead, they must submit reports immediately when a rate change takes place.

This requirement ensures that the Commissioner of Insurance is kept informed of any adjustments to insurance rates in real-time, allowing for better oversight and regulation of the insurance market. Frequent reporting also helps protect consumers by ensuring that rates are fair and comply with state laws and regulations.

The other options suggest a fixed reporting schedule, which does not align with how the requirement is structured. The ongoing reporting requirement allows for timely adjustments and necessary reviews by the regulatory body, thus supporting both the insurance industry's interest in being responsive to market conditions and consumer protection interests.