NOTICE OF TENTATIVE CREDIT ACCIDENT AND HEALTH INSURANCE RATES
Regulation 69-11.1, Regulation of Credit Insurance, requires the South Carolina Department of Insurance (Department) to promulgate tentative rates for credit accident and health insurance by August 1st of each year. The tentative rates are those the Department believes may reasonably be expected to produce a loss ratio of not less than fifty percent (50%) in the following calendar year. This Bulletin constitutes official notice of the tentative rates for 2021.
The Department has reviewed the last several years’ experience for credit accident and health insurance written in conjunction with loans subject to the Consumer Finance Law. The aggregate loss ratio for credit accident and health insurance at the prima facie rates are: forty-three and seven tenths percent (43.7%) in 2019, forty-five and nine tenths percent (45.9%) in 2018, and forty-one and one tenths percent (41.1%) in 2017. The Department proposes no changes to the 3-day Retro Accident and Health Insurance rates in 2021. The proposed tentative rates for 3-day Retro Accident and Health Insurance in 2021 are $0.28 per year per $5.00 unit of monthly indemnity.
OPPORTUNITY FOR A HEARING
Regulation 69-11.1.C.(4) provides that "every insurer which feels aggrieved by any of the rates so promulgated shall have fifteen days to request a public hearing with respect to such rate or rates." Accordingly, all requests for a hearing must be submitted to the Department in writing on or before August 15, 2020. Please direct any requests for a hearing to the attention of:
South Carolina Department of Insurance Post Office Box 100105
Columbia, South Carolina 29202-3105
-AH requests -must include·documentation-supporting your·position·that’t he·tentative·rates·for credit·accident·and health insurance need to be changed. After any requested hearings have been held, the final rates or an affirmation of the tentative rates shall be sent to all companies before October 1, 2020.
Any questions or concerns about this Bulletin should be submitted in writing to the attention of: Andrew Dvorine, ASA, MAAA
South Carolina Department of Insurance 145 King Street, Suite 228
Charleston, South Carolina 29401 E-mail: firstname.lastname@example.org