Section 38-73-250. Rate filings where line declared noncompetitive.

SC Code § 38-73-250 (2019) (N/A)

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(A) If the director or his designee determines that competition does not exist in a line of insurance and issues a ruling to that effect pursuant to Section 38-73-230, the rates applicable to insurance sold in that market must be regulated pursuant to Section 38-73-260. The director may simply declare a line of insurance noncompetitive and release a report providing the support for that decision. The decision may be appealed to the Administrative Law Court. The market is considered not competitive during the appeal process.

(B) A rate filing in effect at the time the director or his designee determines that competition does not exist pursuant to Section 38-73-230 must be considered to be in compliance with the laws of this State unless disapproved pursuant to the procedures and rating standards contained in Section 38-73-260 applicable to noncompetitive markets.

(C) An insurer having a rate filing in effect at the time the director determines that competition does not exist pursuant to Section 38-73-240 may be required to furnish supporting information within thirty days of a written request by the director or his designee.

HISTORY: 2004 Act No. 290, Section 1, eff July 29, 2004.

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Section 38-73-240. Rate filings where line declared competitive; Consumer Advocate review of certain filings.

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Section 38-73-260. Approval process for rate level changes; Consumer Advocate review of certain filings.