SC| South Carolina Department of Insurance Bulletin No. 2026-05, dated September 10, 2026, gives formal notice of proposed 2027 credit property insurance rates for insurers writing coverage connected with consumer credit transactions under the state Consumer Finance Law. The Department’s review found low recent loss experience—17.5% in 2025 and 23.4% in 2024—relative to the regulatory objective of at least a 50% loss ratio, leading it to hold the Household Goods–Single Interest rate at its 2026 level while reducing the other proposed rates by 10%. Overall, based on 2025 earned premiums, the proposal is expected to reduce premiums by 9.7%; insurers seeking to challenge the rates must submit a written, supported hearing request by September 25, 2026.
- Proposed 2027 rates, expressed as a percentage of the total loan amount, are 0.41% for Automobile, Fire and Theft–Single Interest; 1.50% for Automobile Collision–Single Interest; 5.81% for Household Goods–Single Interest; and 0.45% for Household Goods–Dual Interest.
- Historical average loss ratios for 2005–2025 were 42.8% for Automobile, Fire and Theft–Single Interest; 42.8% for Automobile Collision–Single Interest; 76.0% for Household Goods–Single Interest; and 4.8% for Household Goods–Dual Interest.
- Hearing requests must be in writing, include supporting documentation demonstrating why the tentative rates should change, and be sent to Gwendolyn McGriff at the South Carolina Department of Insurance by September 25, 2026; following any hearings, final rates or an affirmation are expected on or about November 1, 2026. Questions may be directed to Will Davis, FCAS, MAAA, at WDavis@doi.sc.gov.