SC| South Carolina Department of Insurance Bulletin No. 2026-04, dated September 10, 2026, gives formal notice of tentative 2027 credit accident and health insurance rates for insurers writing coverage with loans subject to the state’s Consumer Finance Law. Based on several years of loss ratios materially below the regulatory 50% target—35.4% in 2025, 29.2% in 2024, 33.8% in 2023, and 36.7% in 2022—the Department proposes a 15% reduction in the 3-day retro accident and health rate, setting it at $0.14 per year for each $5.00 unit of monthly indemnity. Insurers that believe the tentative rate should change may request a public hearing in writing by September 25, 2026, with supporting documentation; following any hearings, the Department expects to issue final rates or affirm the tentative rates before November 1, 2026.
- Scope and proposed rate: Applies to credit accident and health insurance issued in connection with covered consumer-finance loans; the tentative 2027 rate is $0.14 annually per $5.00 of monthly indemnity, reflecting a proposed 15% reduction.
- Hearing process: Affected insurers have 15 days to seek a public hearing, with written requests due no later than September 25, 2026, addressed to Gwendolyn McGriff, General Counsel, South Carolina Department of Insurance, P.O. Box 100105, Columbia, SC 29202-3105. Requests must substantiate why the tentative rate requires revision.
- Operational follow-up: Insurers should evaluate whether the proposed rate affects their 2027 credit insurance pricing, forms, systems, and lender-facing materials, and decide promptly whether the available loss-experience or other evidence supports a hearing request. Questions may be directed in writing to Emily Gatenby Osborn, Actuary, at egatenby@doi.sc.gov.