SC| Bulletin Number 2025-07, from the South Carolina Department of Insurance, notifies insurers writing credit accident and health insurance in conjunction with loans governed by the South Carolina Consumer Finance Law. The bulletin provides official notice of the tentative 2026 rates for 3-day Retro Accident and Health Insurance, highlights a proposed rate reduction due to low loss ratios over recent years, and outlines the process for insurers to request a hearing if they object to the new rates.
Key Points:
- The Department proposes a 15% rate reduction for 2026, setting the tentative rate at $0.17 per year per $5.00 unit of monthly indemnity, citing low aggregate loss ratios from 2021–2024.
- Insurers have until August 25, 2025, to request a public hearing about the tentative rates and must provide supporting documentation for any objections.
- Final rates, or affirmation of the tentative rates, will be communicated to all companies before October 1, 2025, after consideration of any requested hearings and supporting documentation.