Rates for Credit Accident and Health Insurance Sold in Conjunction with Loans Subject To 1966 S.C. Act No. 988--Approved Rate for 2022 Basic Statistical Plan
This matter comes before me for final approval of rates for credit accident and health insurance sold in conjunction with loans subject to the South Carolina Consumer Protection Code. Pursuant to the provisions of S.C. Code Ann. Section 34-29-10, et seq. (1976, as amended) and 25A S.C. Code Ann. Reg. 69-11.1 (1976, as amended), this Order sets and establishes rates for use during 2022 for accident and health insurance sold in conjunction with loans subject to Act No. 988 of 1966 of the Consumer Protection Code.
I, Raymond G. Farmer, Director of Insurance, having fully considered and reviewed the recommendations of staff, together with all written submissions, applicable rebuttals, and all other relevant documents, and further, being fully advised on all premises, hereby find and conclude:
The tentative rates for the above-referenced insurance products were reviewed along with other pertinent data by South Carolina Department of Insurance (Department) actuaries. The tentative rates were sent to all insurers of record selling credit accident and health insurance products in South Carolina on July 30, 2021 and published in Department Bulletin 2021-06, with notice that any insurer which felt aggrieved by such rates would have 15 days to request a public hearing. The Department did not receive a hearing request. Moreover, no insurer took exception to the information contained in the bulletin about the tentative rates. Accordingly, the Department's actuarial staff recommended the approval of the tentative rates for 2022.
IT IS THEREFORE ORDERED THAT the rates per year for each $5.00 unit of monthly indemnity for 2022 are as follows:
Approved Rate Current Rate
3-day Retro A&H Insurance 25¢ 28¢
IT IS FURTHER ORDERED THAT the Basic Statistical Plan must consist of the submission of the information required by 25A S.C. Code Ann. Reg. 69-11.1 (1976, as amended) for 3-day retroactive accident and health insurance. Submission of the Credit Insurance Experience Exhibit will satisfy this requirement. Each insurer must notify the Department by December 1st of each year of the insurer's intention to use rates no higher than those promulgated. Please submit the required notice to:
Andrew M. Dvorine, ASA, MAAA Life Actuary
South Carolina Department of Insurance 145 King Street, Suite 228
Charleston, SC 29401
This order shall take effect immediately.
Raymond G. Farmer
Columbia, South Carolina
October 1, 2021