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. Workers’ compensation insurers are required to make a filing to adopt new loss costs within 60 days of the approval date of those loss costs. The effective date of this adoption must be within 120 days of NCCI’s effective date of the approved loss costs. Any such filing is not considered to be a rate filing and is informational. However, insurers may submit a loss cost adoption as a part of a rate filing for new or revised loss cost multipliers (LCMs). LCMs, when filed alone or in combination with a loss cost adoption, continue to be subject to prior approval.
NCCI’s most recent loss cost filing was approved by the Department on January 26, 2021 with an effective date of April 1, 2021. Consequently, all workers’ compensation insurers are required to submit a SERFF filing to adopt these loss costs no later than March 27, 2021 with an effective date no later than July 30, 2021.