The association shall submit, for the approval of the director or his designee, all policy forms, classifications, rates, rating plans, or rules applicable to its insurance product offerings to customers in this State. Such filings must be submitted for approval to the director no less than sixty days prior to their intended effective date. The director may extend the time for his review by an additional sixty days to allow the department sufficient time to evaluate the proposed form, classification, rate, rating plan, or rule to be used by the association. Rates must be actuarially sound, self supporting, and may not be excessive, inadequate, or unfairly discriminatory.
HISTORY: 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 830; 2019 Act No. 67 (H.3760), Section 1, eff May 16, 2019.
Effect of Amendment
2019 Act No. 67, Section 1, rewrote the section.
Structure South Carolina Code of Laws
Chapter 79 - Medical Malpractice Insurance
Section 38-79-110. Definitions.
Section 38-79-130. Powers of association; policy limits.
Section 38-79-140. Plan of operation.
Section 38-79-150. Application for coverage.
Section 38-79-200. Rate increase or assessment authorized.
Section 38-79-210. Deficits to be recouped.
Section 38-79-220. Elimination of accumulated deficit; uniform assessment; surcharges.
Section 38-79-230. Additional surcharge on premium; annual increase.
Section 38-79-240. Plans to be binding on members of association.
Section 38-79-250. Obligations of terminated members; responsibility of State.
Section 38-79-260. Board of directors.
Section 38-79-280. Annual statement required.
Section 38-79-290. Examination of association; audit in lieu of examination.