South Carolina Code 38-72-78. Required notice for proposed premium rate increases
Current as of: 2023 | Check for updates
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(A) An insurer must notify a policyholder of a long-term care insurance policy issued in accordance with this chapter of a proposed premium rate increase that affects policyholders no later than thirty days after the filing by the insurer of the premium rate increase with the Department of Insurance. An insurer must provide written notice by first class mail to the last known mailing address of all affected individual and group policyholders and others who are directly billed for group coverage. The notice must:
(1) show the proposed rate;
Terms Used In South Carolina Code 38-72-78
- Department: means the Department of Insurance of South Carolina. 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
- Policy: means any policy, contract, subscriber agreement, rider, or endorsement delivered or issued for delivery in this State by an insurer, fraternal benefit society, nonprofit health, hospital, or medical service corporation, prepaid health plan, health maintenance organization, or any similar organization. See South Carolina Code 38-72-40
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
(2) state that the rate is subject to regulatory approval;
(3) direct policyholders to present their concerns or objections to the Department of Insurance; and
(4) include contact information for the Department of Insurance.
(B) An increase in premium rate may not be implemented until approved by the Department of Insurance pursuant to § 38-72-75 or until the effective date of the premium rate increase, whichever is later.