2025-09-26T07:42:27-05:00 2024-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2024-01-01 561179542 NORTH CAROLINA RATE BUREAU NORT 9197839790 4140 PARKLAKE AVE 320 RALEIGH NC 27612 EDITH DAVIS CHIEF FINANCIAL OFFICER 9197839790 2025-09-25 1 0 J CALVIN MARKS P01226973 9197196400 2024 2025-03-06 01:10:19Z EDITH DAVIS 4140 PARKLAKE AVE 320 RALEIGH NC 27612 20662690 0 X WWW.NCRB.ORG/NCRB X 1977 NC THE BUREAU WAS ESTABLISHED UNDER ARTICLE 36, CHAPTER 58, NC GENERAL STATUTES. THE PURPOSE OF THE NORTH CAROLINA RATE BUREAU IS TO ADMINISTER PROPERTY AND CASUALTY RATES FOR THE INSURANCE INDUSTRY IN NORTH CAROLINA. THE BUREAU MAINTAINS RULES AND REGULATIONS AND ESTABLISHES PREMIUM RATES FOR MOTOR VEHICLE, WORKERS' COMPENSATION AND PROPERTY INSURANCE. THE BUREAU ALSO ENSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS.ALL EXPENSES ARE RELATED TO THOSE FUNCTIONS. THE NC RATE BUREAU RECEIVES NO GRANTS AND ALL EXPENSES ARE BORNE BY ITS MEMBER INSURANCE COMPANIES IN PROPORTION TO WRITTEN PREMIUMS. 12 12 84 15 -2564 0 0 0 18927632 20662796 170414 -2339 51 2233 19098097 20662690 0 0 0 0 7279164 7570290 0 0 0 12729039 11841077 20008203 19411367 -910106 1251323 3252512 4506399 0 0 3252512 4506399 X THE BUREAU WAS ESTABLISHED UNDER ARTICLE 36, CHAPTER 58, NC GENERAL STATUTES. THE PURPOSE OF THE NORTH CAROLINA RATE BUREAU IS TO ADMINISTER PROPERTY AND CASUALTY RATES FOR THE INSURANCE INDUSTRY IN NORTH CAROLINA. THE BUREAU MAINTAINS RULES AND REGULATIONS AND ESTABLISHES PREMIUM RATES FOR MOTOR VEHICLE, WORKERS' COMPENSATION AND PROPERTY INSURANCE. THE BUREAU ALSO ENSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS.ALL EXPENSES ARE RELATED TO THOSE FUNCTIONS. THE NC RATE BUREAU RECEIVES NO GRANTS AND ALL EXPENSES ARE BORNE BY ITS MEMBER INSURANCE COMPANIES IN PROPORTION TO WRITTEN PREMIUMS. 0 0 WORKERS' COMPENSATION ASSIGNED RISK PLAN:THE BUREAU ASSURES THE AVAILABILITY OF WORKERS' COMPENSATION INSURANCE TO ANY ELIGIBLE RISK IN NORTH CAROLINA BY ASSIGNING THE RISKS TO MEMBERS ON AN EQUITABLE BASIS. THE BUREAU PROVIDES PERIODIC UPDATES ON ITS WEBSITE, HTTPS://WWW.NCRB.ORG/NCRB, REGARDING KEY METRICS OF THE PROGRAM. STATUTORY ANNUAL DATA REPORTING REQUIREMENT FOR MEMBER COMPANIES:PER ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES OF NORTH CAROLINA REQUIREMENTS, THE NORTH CAROLINA RATE BUREAU MUST COLLECT ON AN ANNUAL BASIS INFORMATION AND REPORTS FROM ITS' MEMBER COMPANIES. THIS ANNUAL DATA IS USED TO PREPARE RATE FILINGS, APPORTIONMENT OF EXPENSES, AND DETERMINATION OF EXPENSE ALLOWANCES AND ASSESSMENTS. THE REPORTS THAT MUST BE COLLECTED INCLUDE PROPERTY AND CASUALTY ANNUAL STATEMENTS AND INSURANCE EXPENSE EXHIBITS, AS WELL AS PRIVATE PASSENGER AUTOMOBILE, HOMEOWNERS, DWELLING AND MOBILE HOMEOWNERS EXPENSE EXPERIENCE AND INSTALLMENT PAYMENT DATA. THE GOVERNING COMMITTEE APPROVED A PENALTY FEE OF $100/DAY FOR THE LATE SUBMISSION OF THIS ANNUAL DATA. THIS FEE IS ASSESSED IN JULY OF EACH YEAR. THE NORTH CAROLINA RATE BUREAU WAS CREATED BY THE GENERAL ASSEMBLY OF NORTH CAROLINA UNDER THE PROVISIONS OF ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES FOR THE "ESTABLISHMENT AND ADMINISTRATION OF CLASSIFICATIONS, RULES, RATES, LOSS COSTS, RATING PLANS, POLICY FORMS AND POLICY PROVISIONS" (EXCERPT FROM THE NORTH CAROLINA RATE BUREAU CONSTITUTION) AND TO PROVIDE SERVICES AND PROGRAMS FOR THE NORTH CAROLINA INSURANCE INDUSTRY FOR AUTOMOBILE, PROPERTY, AND WORKERS COMPENSATION LINES OF INSURANCE. IN ORDER TO FULFILL THIS PURPOSE, THE NORTH CAROLINA RATE BUREAU FILES NUMEROUS PROPOSED CHANGES ON BEHALF OF THE BUREAU'S MEMBER COMPANIES TO THE NORTH CAROLINA COMMISSIONER OF INSURANCE. THE BUREAU ALSO HAS A NUMBER OF ONLINE SERVICES THAT MEMBER COMPANIES, CARRIERS, AND INSURANCE COMPANIES CAN UTILIZE TO AIDE USERS' DAY-TO-DAY INSURANCE NEEDS AND A DEDICATED INFORMATION CENTER IS ALSO IS AVAILABLE TO PROVIDE REAL-TIME ASSISTANCE AND/OR INFORMATION. THE NORTH CAROLINA RATE BUREAU'S WEBSITE POSTS FREQUENT UPDATES OF THEIR ACTIVITIES TO HTTPS://WWW.NCRB.ORG/NCRB, SO MORE DETAILED INFORMATION CAN BE FOUND THERE. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 38 0 1 84 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 0 1 1 0 1 1 0 X EDITH DAVIS 9197839790 4140 PARKLAKE AVE SUITE 320 RALEIGH NC 27612 JOANNA BILIOURIS GENERAL MANAGER 15.00 22.50 X 348034 0 36409 EDITH DAVIS CHIEF FINANCIAL OFFICER 11.63 25.87 X 272657 0 101600 VICKI GODBOLD CHIEF ADMINISTRATIVE OFFICER 17.63 19.87 X 260395 0 93448 SHELLEY CHANDLER CHIEF INFORMATION OFFICER 16.50 21.00 X 250957 0 51029 FRANK LONNETT DIRECTOR, IT SERVICES & DATA 16.50 21.00 X 202798 0 67013 JARRED CHAPPELL CHIEF OPERATING OFFICER 35.63 1.87 X 211883 0 49928 ANDY MONTANO DIRECTOR, PERSONAL LINES 31.13 6.37 X 188006 0 38947 LAURA LEE LONGEST DIRECTOR, SOFTWARE DEVELOPMENT 18.75 18.75 X 198227 0 27859 ACCIDENT FUND INSURANCE COMPANY GOVERNING COMMITTEE (INCOMING 2024) 1.00 X 0 0 0 ALLSTATE INSURANCE COMPANY GOVERNING COMMITTEE 1.00 1.00 X 0 0 0 AMERICAN HOME ASSURANCE COMPANY GOVERNING COMMITTEE (OUTGOING 2024) 1.00 X 0 0 0 BUILDERS MUTUAL INSURANCE COMPANY GOVERNING COMMITTEE 1.00 1.00 X 0 0 0 ERIE INSURANCE EXCHANGE GOVERNING COMMITTEE (OUTGOING 2024) 1.00 1.00 X 0 0 0 HARTFORD FIRE INSURANCE COMPANY GOVERNING COMMITTEE (INCOMING 2024) 1.00 X 0 0 0 KEMPER INDEPENDENCE INSURANCE COMPANY GOVERNING COMMITTEE (OUTGOING 2024) 1.00 X 0 0 0 LIBERTY MUTUAL INSURANCE COMPANY GOVERNING COMMITTEE 1.00 X 0 0 0 NATIONWIDE MUTUAL INSURANCE COMPANY GOVERNING COMMITTEE 1.00 1.00 X 0 0 0 NC FARM BUREAU MUTUAL INSURANCE COMPA GOVERNING COMMITTEE (INCOMING 2024) 1.00 1.00 X 0 0 0 PROGRESSIVE CASUALTY INSURANCE COMPAN GOVERNING COMMITTEE 1.00 X 0 0 0 STATE FARM MUTUAL INSURANCE COMPANY VICE CHAIR 1.00 1.00 X 0 0 0 THE MEMBERS INSURANCE COMPANY GOVERNING COMMITTEE 1.00 X 0 0 0 THE TRAVELERS INDEMNITY COMPANY GOVERNING COMMITTEE 1.00 1.00 X 0 0 0 UNITED SERVICES AUTOMOBILE ASSOCIATIO CHAIR 1.00 X 0 0 0 1932957 0 466233 8 0 1 0 YOUNG MOORE & HENDERSON PA 3101 GLENWOOD AVE SUITE 200 RALEIGH NC 27612 LEGAL SERVICES & RESEARCH 1324755 SPECTRUM PARTNERS LLC 7701 FRANCE AVE SOUTH SUTE 450 EDINA MN 55435 IT MANAGEMENT & CONSULTING 431250 CRAYON SOFTWARE 12221 MERIT DRIVE STE 1400 DALLAS TX 75251 IT MANAGEMENT & CONSULTING 198891 3 DUES AND ASSESSMENTS 900099 20662796 20662796 20662796 -2339 -2564 225 2233 2233 2233 20662690 20662796 -2564 2458 X 916705 4083462 988715 998625 582783 1426032 41273 19871 8275395 251440 1226533 261372 25490 183412 130259 19411367 3252512 4506399 3252512 4506399 0 0 X 0 0 0 0 3252512 4506399 3252512 4506399 3252512 4506399 X 1251323 2564 X 0 1 X 1 0 0 X 20665254 0 20665254 -2564 -2564 20662690 19411367 0 19411367 0 19411367 PART X, LINE 2: MANAGEMENT HAS CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THROUGH DECEMBER 31, 2024. PART XI, LINE 4B - OTHER ADJUSTMENTS: INCOME FROM PASS-THROUGH INVESTMENTS X X X 0 0 0 JOANNA BILIOURIS GENERAL MANAGER 323034 0 25000 0 0 0 25835 0 10574 0 384443 0 0 0 EDITH DAVIS CHIEF FINANCIAL OFFICER 232206 0 40451 0 0 0 89801 0 11799 0 374257 0 0 0 VICKI GODBOLD CHIEF ADMINISTRATIVE OFFICER 229155 0 31240 0 0 0 82592 0 10856 0 353843 0 0 0 SHELLEY CHANDLER CHIEF INFORMATION OFFICER 224546 0 26411 0 0 0 40173 0 10856 0 301986 0 0 0 FRANK LONNETT DIRECTOR, IT SERVICES & DATA 185521 0 17277 0 0 0 56157 0 10856 0 269811 0 0 0 JARRED CHAPPELL CHIEF OPERATING OFFICER 186620 0 25263 0 0 0 19026 0 30902 0 261811 0 0 0 ANDY MONTANO DIRECTOR, PERSONAL LINES 173839 0 14167 0 0 0 14894 0 24053 0 226953 0 0 0 LAURA LEE LONGEST DIRECTOR, SOFTWARE DEVELOPMENT 181834 0 16393 0 0 0 17003 0 10856 0 226086 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 EVERY INSURANCE CARRIER THAT IS AUTHORIZED TO WRITE AUTOMOBILE INSURANCE, PROPERTY INSURANCE OR WORKERS COMPENSATION INSURANCE IN THE STATE OF NORTH CAROLINA IS REQUIRED TO BECOME A MEMBER OF THE BUREAU AS REQUIRED BY THE PROVISIONS OF ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES OF NORTH CAROLINA. EACH MEMBER MUST PAY AN ANNUAL MEMBERSHIP FEE FOR EACH CATEGORY OF INSURANCE FOR WHICH IT IS LICENSED TO WRITE IN NORTH CAROLINA. EACH MEMBER MUST ALSO ANNUALLY OR WHEN REQUESTED, PROVIDE STATISTICAL DATA RELATED WRITING AUTOMOBILE, PROPERTY, OR WORKERS COMPENSATION INSURANCE. FORM 990, PART VI, SECTION A, LINE 7A MEMBER COMPANIES OF THE NORTH CAROLINA RATE BUREAU ELECT 12 VOTING MEMBERS TO THE GOVERNING COMMITTEE. (THERE ARE ALSO 2 NON-VOTING GOVERNING COMMITTEE MEMBERS THAT ARE APPOINTED BY THE NORTH CAROLINA GOVERNOR THAT ARE NOT EMPLOYED OR ASSOCIATED WITH ANY INSURANCE COMPANY OR THE NORTH CAROLINA DEPARTMENT OF INSURANCE.) GOVERNING COMMITTEE MEMBERS SERVE FOR THREE-YEAR TERMS; THE TERMS CANNOT BE SERVED CONSECUTIVELY. THE GOVERNING COMMITTEE, ELECTED BY THE NORTH CAROLINA RATE BUREAU MEMBERS, HANDLE ADMINISTRATION, SUPERVISION, AND DIRECTION OF ALL COMMITTEES. THE GOVERNING COMMITTEE ALSO APPOINTS A GENERAL MANAGER, WHO UNDER THE SUPERVISION OF THE GOVERNING COMMITTEE HAS GENERAL CONTROL OF THE BUREAU'S ACTIVITIES AND ASSOCIATES. FORM 990, PART VI, SECTION A, LINE 7B ONE OF THE PURPOSES OF THE NORTH CAROLINA RATE BUREAU IS THE "ESTABLISHMENT AND ADMINISTRATION OF CLASSIFICATIONS, RULES, RATES, LOSS COSTS, RATING PLANS, POLICY FORMS AND POLICY PROVISIONS FOR THE AUTOMOBILE INSURANCE, PROPERTY INSURANCE AND WORKERS COMPENSATIONS INSURANCE PURSUANT TO ARTICLE 36 OF CHAPTER 58 OF THE GENERAL STATUTES OF NORTH CAROLINA" (EXCERPT FROM NORTH CAROLINA RATE BUREAU CONSTITUTION). IN ORDER TO FULFILL THIS PURPOSE, THE NORTH CAROLINA RATE BUREAU FILES PROPOSED CHANGES ON BEHALF OF THE BUREAU'S MEMBER COMPANIES TO NORTH CAROLINA COMMISSIONER OF INSURANCE. THE NORTH CAROLINA RATE BUREAU'S PROPOSED FILINGS ARE SUBJECT TO THE COMMISSIONER OF INSURANCE'S APPROVAL. IF THE COMMISSIONER OF INSURANCE DISAPPROVES A FILING, THE GOVERNING COMMITTEE HAS THE ABILITY TO FOLLOW THE APPROPRIATE APPEALS PROCESS WITHIN THE STATE OF NORTH CAROLINA. IN GENERAL, THE NORTH CAROLINA RATE BUREAU'S GOVERNING COMMITTEE IS AUTHORIZED AND DOES MAKE OPERATING DECISIONS ON BEHALF OF THE MEMBER COMPANIES. HOWEVER, IN SOME RARE INSTANCES, HIGH LEVEL DOCUMENT CHANGES DO REQUIRE A 3/4 MAJORITY VOTE FROM THE BUREAU'S MEMBER COMPANIES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, INCLUDING SCHEDULES AND OTHER NECESSARY SUPPORTING INFORMATION, IS PROVIDED TO THE ORGANIZATION'S CHIEF FINANCIAL OFFICER FOR REVIEW AND APPROVAL. AFTER THE REVIEW AND APPROVAL, THE COMPLETED RETURN IS FILED ELECTRONICALLY TO THE INTERNAL REVENUE SERVICE. THE GOVERNING COMMITTEE IS NOTIFIED WHEN THE RETURN HAS BEEN FILED BUT DOES NOT RECEIVE A COPY UNLESS SPECIFICALLY REQUESTED BY ONE OF THE MEMBER COMPANIES SERVING ON THE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C EACH NEW EMPLOYEE RECEIVES AN ORGANIZATIONAL HANDBOOK THAT OUTLINES THE REQUIREMENT OF ALL EMPLOYEES TO DEVOTE THEIR FULL TIME TO EMPLOYMENT WITH THE NORTH CAROLINA RATE BUREAU. IF AN EMPLOYEE IS ENGAGED IN OUTSIDE WORK OR HOLDS ANOTHER JOB, THE HANDBOOK SPECIFICALLY STATES THAT THE OTHER BUSINESS CANNOT INTERFERE WITH SATISFACTORY JOB PERFORMANCE AND ATTENDANCE AT THE BUREAU. FURTHER, THE BUREAU REQUIRES THAT ALL EMPLOYEES FULLY DISCLOSE ANY POSSIBLE CONFLICT OF INTEREST SUCH AS OUTSIDE EMPLOYMENT TO THEIR SUPERVISOR OR MANAGER IN ORDER TO PREVENT A COMPROMISING SITUATION. CONFLICT OF INTEREST IS ALSO REGULARLY REVIEWED AT EACH NORTH CAROLINA RATE BUREAU GOVERNING COMMITTEE MEETING AS WELL AS EVERY BUREAU COMMITTEE OR SUB- COMMITTEE MEETING. THE NORTH CAROLINA RATE BUREAU'S CONFLICT OF INTEREST STATEMENT IS INCLUDED IN THE AGENDA AND IS REFERENCED IN EVERY GOVERNING COMMITTEE, COMMITTEE, AND SUB-COMMITTEE MEETING AS A REMINDER TO THE GOVERNING COMMITTEE AND EMPLOYEES OF THEIR RESPONSIBILITIES. PER POLICY, MEMBERS ARE NOT TO VOTE, TAKE ACTION OR USE HIS OR HER PERSONAL INFLUENCE ON A MATTER THAT REPRESENTS A PERSONAL CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION DATA IS OBTAINED THROUGH WORLDATWORK, ECONOMIC RESEARCH INSTITUTE, AND CAPITAL ASSOCIATED INDUSTRIES. INDEPENDENT CONSULTANTS HAVE BEEN UTILIZED IN THE PAST TO PREPARE GUIDELINES AND RANGES FOR GENERAL MANAGER'S AND TOP MANAGEMENT COMPENSATION, AS WELL AS CONDUCTING A FULL COMPENSATION AUDIT. THE GENERAL MANAGER'S COMPENSATION WAS LAST REVIEWED IN NOVEMBER 2024. THIS DATA IS PRESENTED TO A JOINT COMPENSATION SUB-COMMITTEE, CONSISTING OF 3 MEMBER COMPANIES, DURING THE 4TH QUARTER OF THE YEAR. AFTER A REVIEW, THE JOINT COMPENSATION SUB-COMMITTEE WILL RECOMMEND RANGES FOR SALARY INCREASES, MERIT INCREASES FOR THE FOLLOWING YEAR. THESE RECOMMENDATIONS ARE PRESENTED TO THE ORGANIZATION'S GOVERNING BODY FOR APPROVAL, NORMALLY DURING THE LAST MONTH OF THE CALENDAR YEAR ALONG WITH A COMPREHENSIVE BUDGET PRESENTATION. FORM 990, PART VI, SECTION C, LINE 19 SINCE THE NORTH CAROLINA RATE BUREAU WAS CREATED BY STATE STATUTE, ITS ORGANIZATIONAL GOVERNING DOCUMENTS ARE PUBLIC RECORD. THE CONFLICT OF INTEREST STATEMENTS ARE DISCLOSED AS AGENDA ITEMS AND MINUTES IN EACH GOVERNING COMMITTEE, COMMITTEE, AND SUB-COMMITTEE MEETING OF THE BUREAU. THE FINANCIALS OF THE ORGANIZATIONS ARE MADE AVAILABLE TO THE PUBLIC IN THESE TWO MANNERS: 1) THE ANNUAL FILING OF THE ORGANIZATION'S FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, AND 2) THE APPOINTMENT OF TWO NON-VOTING PUBLIC MEMBERS WHO ARE NOT EMPLOYED OR AFFILIATED WITH ANY INSURANCE COMPANY OR THE DEPARTMENT OF INSURANCE TO THE GOVERNING COMMITTEE BY THE NORTH CAROLINA COMMISSIONER OF INSURANCE. THE AUDITED FINANCIAL STATEMENTS ARE PRESENTED TO THESE MEMBERS ALONG WITH THE REST OF THE GOVERNING COMMITTEE ON AN ANNUAL BASIS. FORM 990, PART IX, LINE 11G ADVISORY SERVICES 7,589,603. TEMPORARY STAFFING 432,042. RESEARCH SERVICES 253,750. FORM 990, PART XI, LINE 9: INCOME FROM PASSTHROUGH INVESTMENTS 2,564. NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION 4140 PARKLAKE AVE SUITE 320 RALEIGH NC 27612 237355707 INSURANCE GUARANTY NC 501(C)(6) N/A 0 NORTH CAROLINA REINSURANCE FACILITY 4140 PARKLAKE AVE SUITE 320 RALEIGH NC 27612 561051050 REINSURANCE NC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 NORTH CAROLINA REINSURANCE FACILITY Q 8653546 FMV NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION Q 3801419 FMV