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The original item was published from 1/21/2020 12:53:37 PM to 4/5/2020 12:00:06 AM.

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Posted on: January 21, 2020

[ARCHIVED] Workers' Compensation Loss Cost Adoption Filings

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The National Council on Compensation Insurance (NCCI) is the workers’ compensation insurance rating organization in South Carolina.  As such, they file prospective loss costs with the South Carolina Department of Insurance (Department) for approval.  Once approved by the Department, insurers writing workers’ compensation insurance must adopt these loss costs.

The Department approved NCCI’s most recent loss cost filing on January 9, 2020 with an effective date of April 1, 2020.  Workers’ compensation insurers are required to make a filing to adopt the new loss costs on or before March 9, 2020 (60 days after the approval date of those loss costs).  The effective date of this adoption must be no later than July 30, 2020 (120 days after the effective date of the approved loss costs).  Any such filing is considered to be informational.  Insurers may also submit a loss cost adoption as a part of a loss cost multiplier (LCM) filing.  Loss cost multipliers, when filed alone or in combination with a loss cost adoption, are subject to prior approval with a review time of 60 days.  

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