SC| South Carolina Department of Insurance Order No. 2025-004 sets the approved rates for 3-day retroactive credit accident and health insurance provided in connection with consumer loans for 2026, in accordance with state consumer finance law and actuarial review of recent years’ loss ratios. The order establishes a 15% rate reduction for 2026 due to consistently low loss experience, and implements requirements for annual rate notification and compliance with statistical reporting rules.
Key Points:
- The approved 2026 rate for 3-day retro accident and health insurance is set at 0.17 per year per 5.00 unit of monthly indemnity, reflecting a 15% reduction based on loss ratio data from 2021–2024.
- Insurers must file annual notification of rate use by December 1 and submit experience data per Regulation 69-11.1, with compliance confirmed through the annual Credit Insurance Experience Exhibit.