Terms Used In South Carolina Code 38-73-520

  • Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
  • Exempt commercial policies: means policies for commercial insureds as may be provided for in regulation issued by the director. 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
Every insurer must file with the department, except as to exempt commercial policies, every manual of classifications, rules, and rates, every rating plan, and every modification of any of these which it proposes to use. The filing exemption shall not apply to loss cost filings by advisory or rating organizations or to the multiplier for expenses, assessments, profit, and contingencies and any modifications to loss costs used by a workers’ compensation insurer to be applied to approved loss costs to develop the insurer’s rates as provided in § 38-73-525. Every filing must state the proposed effective date and indicate the character and extent of the coverage contemplated.
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