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Does the North Dakota Insurance Department set auto rates?

April 26, 2017Auto Department Insurance North Dakota rates

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Does the North Dakota Insurance Department set auto rates?

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No. The North Dakota Insurance Department regulates, but does not set, auto insurance rates. Each company decides what rate it needs to charge. As the regulator, the Department reviews the company’s proposed rates for compliance with state law. If a company wants to change rates, it must file supporting data with the Department. The Department reviews that data to ensure that the rates are justified.