Bulletin 2010-07 Notice of Tentative Credit Accident and Health Insurance Rates and Opporutiy to Req

TO: FROM: SUBJECT: DATE: South Carolina Department of Insurance Capitol Center 1201 Main Street, Suite 1000 Columbia, South Carolina 29201 Mailing Address: P. 0. Box 100105, Columbia, SC 29202-3105 Telephone: (803) 737-6150 BULLETIN NUMBER 2010-07 MARK SANFORD Governor SCOTT RICHARDSON Hi rector of Insurance Insurers Writing Credit Accident and Health Insurance in South Carolina in Conjunction with Consumer Credit Transactions subject to S.C. Code§ 37-1-101 et , the South Carolina Consumer Protection Code, Other Than Loans Made Under 1966 S.C. Act No. 988. Consumer Finance Law Scott H. Richardson, Director Notice of Tentative Credit Accident and Health Insurance Rates and Opportunity to Request a Hearing July 30,2010 I. NOTICE OF TENTATIVE CREDIT ACCIDENT AND HEALTH INSURANCE RATES Regulation 69-11. 1, Regulation of Credit Insurance, requires the South Carolina Department of Insurance to promulgate tentative rates for credit accident and health insurance by August 1 of each year. The tentative rates are those the Department believes may reasonably be expected to produce a loss ratio of not less than fifty percent (50%) in the following calendar This bulletin constitutes official notice of the tentative rates tor 2011. in excess of rates proposed 2011 l 0 rates. a 14-dav Retro and 30-dav . . $ 72 Months Months For periods that do not equal an integral number of years, the rates may be interpolated to the upper quarter of a year with finer interpolations permitted to the equivalent of the nearest month. For example, the rates for a period from 0 to 3 months for the 14-day plan would be one-fourth of$1.70 or $0.43. II. OPPORTUNITY FOR A HEARING Regulation 69-ll.l.D.(5) provides that ''every insurer which feels aggrieved by any of the rates so promulgated shall have fifteen days to request a public hearing vvith respect to such rate or rates." Accordingly, all requests for a hearing must be submitted to the Department in writing on or before August 16, 2010. Please direct any requests for a hearing to the attention of: Jeffrey Jacobs, Chief Legal Counsel South Carolina Department of Insurance Office 1 001 05 Columbia, South Carolina 29202-3105 requests must include documentation supporting your position that the tentative rates for credit health insurance need to be changed. After all such hearings have been held, the final rates the rates sent to October L 10. HI. QUESTIONS