There’s a nifty tool online where you can see how much Mike Causey, NC’s current Commissioner of Insurance has handled rate fees in each county over the years. It’s not pretty – Causey has raised rates 16 times without a public hearing. Here’s what the website says for Orange County:
The website was put together by Friends of Natasha Marcus. Marcus is the Democratic candidate for NC Commissioner of Insurance, and a three-term state senator who currently serves on the Commerce & Insurance, Judiciary, Education, Budget and Election & Redistricting Committees. She has been endorsed by Roy Cooper, Alma Adams, Jeff Jackson, Dan Blue and the Sierra Club. We recently spoke to Marcus about increasing transparency in the Department of Insurance, and what the day-to-day job looks like.
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What does the Commissioner of Insurance do?
If you pay an insurance bill, you should care who the Commissioner of Insurance is because the person we elect to this role has sole authority to set the maximum rate that insurance companies can charge for home, auto and worker’s comp insurance. The Commissioner of Insurance is elected by the people, once every four years, to advocate for the best prices and quality coverage. On the other side, is the Rate Bureau, which represents the insurance companies and seeks to maximize their profits. The system is designed to be adversarial, so that we get fair rates for home, auto, and workers’ comp insurance. It is the job of the Commissioner of Insurance to carefully assess, through public hearings, whether the Rate Bureau’s data proves they need a rate increase in order to earn a reasonable, not exorbitant, profit and maintain a vibrant insurance market at fair prices.
As the sitting Commissioner for eight years, Mike Causey has failed us, time after time. He’s approved 16 rate hikes without ever holding a public hearing to require insurance companies to justify their request with data showing their premiums collected, claims paid, executive salaries, and profits. Instead, he takes private meetings with the insurance companies, strikes a deal with them, and publicly announces the new rate — “Just trust me,” he’s essentially saying. “I got you a good deal.” That’s shocking! It’s even worse when you realize that the insurance companies helped put Causey in the job, with over a quarter million dollars in campaign contributions. In a time when our wallets are getting squeezed in many ways, North Carolinians deserve accountable, honest leadership and advocacy from the Commissioner of Insurance. That’s what I’ll bring to this office.
What do you hope to accomplish if elected?
My promise to voters is to restore transparency, accountability, and advocacy to the Department of Insurance. I will force insurance companies to justify their rate increases with evidence, in a public forum and if they cannot, I will refuse to rate rates. The incumbent Insurance Commissioner has never held a public rate hike hearing. Instead, he’s taken over $250,000 in campaign dollars from the insurance industry, then given them exactly what they want – more profits for them, while NC consumers get squeezed. I’m running a people-powered campaign, not taking a dime from the insurance companies, so that I’m free to work for the people and do what’s best for them.
For someone who may only be paying attention to the top of ballot races, what would you say to them about the Commissioner of Insurance office?
Do you pay an insurance bill? Yes? Then you should care about who your Commissioner of Insurance is! This one person has the power to set insurance rates on home, auto, and workers’ comp. insurance, but North Carolinians are currently suffering under a captured regulator who is way too cozy with the insurance companies. If you want to protect your wallet and your access to affordable, reliable insurance in NC again, vote for me. More information is available at NatashaMarcus.com
We read a piece from Border Belt recently that profiled a bunch of high school students in Robeson County who weren’t planning to vote because they didn’t see the point. What would you say to them?
I would ask them if they or their parents pay an insurance bill. When they said yes, I’d say they should care who their Insurance Commissioner is. This race is not about political parties and it’s not complicated. It boils down to who do you trust to keep your insurance bill from going higher and higher? The former insurance lobbyist turned politician who relies on insurance industry campaign contributions to get elected and has already raised rates 16 times? Or the state senator with a proven record of fighting for working families to make healthcare and household expenses more affordable, who is free of any entanglements with the insurance industry?
This race is a 50/50 race at this point, so their vote is highly impactful. The youth vote could very well be the swing group that determines who wins many of the statewide races and gets the power to decide many policies that directly impact their lives, including how much they have to pay for insurance.
(We ask every candidate this question) If you could design a pair of Crocs for yourself, what would they look like?
They’d look and feel like Birkenstocks, but with a cool cat Jibbitz charm.