South Carolina Statutes
§ 38-79-180 — Submission of all policy forms, classifications, rates, rating plans, or rules for approval.
The association shall submit, for the approval of the director or his designee, all policy forms, classifications, rates, rating plans, or rules applicable to its insurance product offerings to customers in this State. Such filings must be submitted for approval to the director no less than sixty days prior to their intended effective date. The director may extend the time for his review by an additional sixty days to allow the department sufficient time to evaluate the proposed form, classification, rate, rating plan, or rule to be used by the association. Rates must be actuarially sound, self supporting, and may not be excessive, inadequate, or unfairly discriminatory.
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South Carolina § 38-79-180 (Submission of all policy forms, classifications, rates, rating plans, or rules for approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 830; 2019 Act No. 67 (H.3760), SECTION 1, eff May 16, 2019. Effect of Amendment 2019 Act No. 67, SECTION 1, rewrote the section.
Nearby Sections
15
§ 38-79-110
Definitions.§ 38-79-120
Association created; membership as a condition of authority to transact insurance; purpose.§ 38-79-130
Powers of association; policy limits.§ 38-79-140
Plan of operation.§ 38-79-150
Application for coverage.§ 38-79-160
Reserved.§ 38-79-170
Investment income considered in rates and determination of profit or loss of Association.§ 38-79-180
Submission of all policy forms, classifications, rates, rating plans, or rules for approval.§ 38-79-200
Rate increase or assessment authorized.§ 38-79-210
Deficits to be recouped.