(A) In a line of insurance declared competitive, each insurer shall file with the director all rates, supplementary rate information, and supporting information for competitive markets at least thirty days before the proposed effective date. The director or his designee may give written notice, within thirty days of the receipt of the filing, that additional time is needed, not to exceed thirty days from the date of the notice, to consider the filing. Upon written application of the insurer, the director or his designee may authorize rates to be effective before the expiration of the waiting period or an extension of it. A filing is considered to meet the requirements of this chapter and to become effective unless disapproved pursuant to this section by the director or his designee before the expiration of the waiting period or an extension of it. Residual market mechanisms or advisory organizations may file residual market rates.
(B) The filing is considered in compliance with the filing provisions of this section unless the director or his designee informs the insurer within ten days after receipt of the filing as to what supplementary rate information or supporting information is required to complete the filing.
(C) An insurer may file its rates by either filing its final rates or by filing a multiplier and, if applicable, an expense-constant adjustment to be applied to prospective loss costs that have been filed by a rating organization on behalf of the insurer as permitted by this chapter.
(D) All rates, supplementary rate information, and any supporting information filed pursuant to this chapter is open to public inspection after the filing becomes effective.
(E) With respect to applications for rate increases for fire, allied lines, and homeowner's insurance that exceed the seven percent cap as provided for in Section 38-73-260(A) and if an applicant insurer had earned premiums in this State in the previous calendar year of more than ten million dollars for the line or type of insurance for which the rate increase is sought, the director or his designee shall provide a copy of the filing to the Consumer Advocate or, in the alternative, shall direct the insurer to provide a copy simultaneously to the Consumer Advocate. Within ten business days of the receipt of the filing, the Consumer Advocate may request from the insurer additional information. A copy of the request must be served on the director or his designee. Within ten business days of the receipt of the information sought, the Consumer Advocate shall inform the insurer and the director if, in his opinion, the filing is not in compliance with this chapter and specify in detail the reason for his opinion. If the filing is accepted by the director and becomes effective, the Consumer Advocate, upon good cause shown, may request a hearing before the Administrative Law Court. An order of the administrative law judge issued pursuant to the provisions of this section is on a prospective basis only and does not affect any contract issued or made before the effective date of the order.
HISTORY: 2004 Act No. 290, Section 1, eff July 29, 2004; 2006 Act No. 332, Section 9, eff June 1, 2006; 2022 Act No. 195 (H.4832), Section 8, eff May 16, 2022.
Effect of Amendment
2022 Act No. 195, Section 8, in (C), substituted "a rating organization" for "an advisory organization".
Structure South Carolina Code of Laws
Chapter 73 - Property, Casualty, Inland Marine, And Surety Rates And Rate-making Organizations
Section 38-73-10. Declaration of purpose; construction.
Section 38-73-20. Scope of chapter.
Section 38-73-30. Insurance subject to dual regulation.
Section 38-73-40. Recording and reporting of loss and expense experience.
Section 38-73-50. Interchange of rating plan data.
Section 38-73-60. Consultation with other states.
Section 38-73-70. Regulations.
Section 38-73-80. Withholding or giving false or misleading information.
Section 38-73-90. Examinations of rating organizations, advisory groups, and other organizations.
Section 38-73-110. Suspension of license.
Section 38-73-120. Hearing as prerequisite to imposition of penalty or suspension of license.
Section 38-73-130. Hearing procedure; judicial review.
Section 38-73-210. Article title and application.
Section 38-73-220. Approval process for rate level changes.
Section 38-73-250. Rate filings where line declared noncompetitive.
Section 38-73-270. Consumer information system.
Section 38-73-310. Scope of article.
Section 38-73-320. Insurance subject to both this article and Article 5.
Section 38-73-325. Absence of credit information.
Section 38-73-330. Making of rates.
Section 38-73-340. Rate filings required.
Section 38-73-410. Scope of article.
Section 38-73-420. Insurance subject to both this article and Article 3.
Section 38-73-425. Absence of credit information.
Section 38-73-430. Making of rates.
Section 38-73-440. Certain factors may not be considered in determining automobile insurance rates.
Section 38-73-470. Disposition of uninsured motorist premium.
Section 38-73-480. Rate for group automobile insurance.
Section 38-73-490. Workers' compensation rates.
Section 38-73-500. Merit rating for workers' compensation insurance; credit; testing.
Section 38-73-505. Reductions in premiums.
Section 38-73-510. Nonpartisan rating bureau for workers' compensation.
Section 38-73-515. Deductibles.
Section 38-73-520. Rate filings required.
Section 38-73-525. Filing of multiplier for expenses by insurers writing workers' compensation.
Section 38-73-526. Report as to availability and affordability of workers' compensation coverage.
Section 38-73-530. Competitive rate on specific risk.
Section 38-73-540. Assigned risk.
Section 38-73-545. Applicability to self-insurers.
Section 38-73-710. State Rating and Statistical Division established; executive director.
Section 38-73-737. Rate reductions for youthful operator completing approved driver training course.
Section 38-73-740. Certain information must be retained; inspection by applicant.
Section 38-73-905. Prior approval not required for certain rate changes.
Section 38-73-920. No insurance may be issued except on rates filed.
Section 38-73-930. Guidelines and formats for filing.
Section 38-73-935. Rate filings; information based upon; exceptions.
Section 38-73-940. Information in support of filing.
Section 38-73-950. Additional information may be required.
Section 38-73-960. Effective date of filing.
Section 38-73-965. Filing; effective date.
Section 38-73-970. Effective date for specially rated inland marine rates.
Section 38-73-980. Effective date for certain surety or guaranty bonds.
Section 38-73-990. Disapproval of filings generally.
Section 38-73-1000. Disapproval of specially rated specific inland marine rates.
Section 38-73-1010. Disapproval of special surety or guaranty filings.
Section 38-73-1020. Disapproval after applicable review period.
Section 38-73-1030. Review of filings on application of person aggrieved.
Section 38-73-1040. No disapproval of certain fire, allied lines, or inland marine filings.
Section 38-73-1050. No disapproval of certain casualty or automobile filings.
Section 38-73-1060. Use of rates and policy forms different from those filed; exceptions.
Section 38-73-1070. Suspension or modification of filing requirement.
Section 38-73-1080. Information to be furnished insureds; hearings and appeals of insureds.
Section 38-73-1085. Publication of representative sample of premiums.
Section 38-73-1090. Determination of discrimination and removal.
Section 38-73-1095. Essential property insurance; rating plan factors.
Section 38-73-1097. Applicability of certain provisions.
Section 38-73-1100. Determination of excessive or unreasonable rates; general reduction; refund.
Section 38-73-1105. Insurer's use of definition of "underinsured motor vehicle".
Section 38-73-1110. Regulation of calculation and refunding of excess profit.
Section 38-73-1120. Provisions to ensure expenses are allocated and treated properly; penalty.
Section 38-73-1215. Applicability to self-insurers.
Section 38-73-1220. Application for license as rating organization.
Section 38-73-1230. Issuance or denial of license; duration; fee.
Section 38-73-1240. Suspension or revocation of license.
Section 38-73-1250. Changes within rating organization.
Section 38-73-1260. Subscribers to rating organizations.
Section 38-73-1270. Changes in rules and regulations; review of reasonableness.
Section 38-73-1280. Rules may not regulate certain payments.
Section 38-73-1290. Filings must be adhered to.
Section 38-73-1300. Application for modification by fire or inland marine insurer.
Section 38-73-1310. Application for modification by casualty or automobile insurer.
Section 38-73-1330. Examination of policies and other papers; correction of errors.
Section 38-73-1340. Appeal by minority.
Section 38-73-1350. Cooperation.
Section 38-73-1360. Actuarial, technical, and other services.
Section 38-73-1410. Refiling of final rates or premium charges previously approved not required.
Section 38-73-1510. "Advisory organization" defined.
Section 38-73-1520. Filing certain data and agreement authorizing examination.
Section 38-73-1530. Requiring discontinuance of certain acts or practices.
Section 38-73-1710. Regulation of joint underwriting and joint reinsurance.
Section 38-73-1720. Discontinuance of unfair activity or practice may be ordered.