South Carolina Code 38-73-250. Rate filings where line declared noncompetitive
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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 § 38-73-230, the rates applicable to insurance sold in that market must be regulated pursuant to § 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 § 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 § 38-73-260 applicable to noncompetitive markets.
Terms Used In South Carolina Code 38-73-250
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
(C) An insurer having a rate filing in effect at the time the director determines that competition does not exist pursuant to § 38-73-240 may be required to furnish supporting information within thirty days of a written request by the director or his designee.