Status: In-Compliance The department has developed a meaningful and useful Strategic Plan that focuses on the following goals:
To continue to provide for the continuity of the department by updating and implementing the objectives outlined in the Department's Strategic Plan, including the development of succession plans, workforce plans and training plans. The department's overall budget will be aligned with its strategic goals and objectives.
Develop recommendations for stabilizing the department's funding so that it can continue to provide critical regulatory services.
To make recommendations to the Governor and the South Carolina General Assembly on legislative changes required to stabilize the availability of certain types of insurance and to enhance the regulation of insurance in South Carolina.
To maintain and enhance the Department of Financial Services' compliance with regulatory accreditation standards established by the National Association of Insurance Commissioners (NAIC). In addition, the Department will increase by 10% the number of insurers using the State Electronic Rates and Forms Filing (SERFF) system (endorsed and supported by the NAIC) for electronically processing rates and forms filings received by the Department.
To enhance the department's regulation of the Alternative Risk Transfer Services (ARTS) market in South Carolina and promote its continued development.
To conduct education and outreach campaigns to key stakeholders.
Each division of the department continues to develop new goals on an ongoing basis to promote continuous improvement. The director requires ongoing status reports of our Strategic Plan, ensuring that our broad goals, along with specific objectives for each division, are being met.
The department conducted an internal review to pull together a budget designed to accommodate the priorities and goals of the agency. The department has prepared departmental budgets with information on current services to lay the groundwork for budget expenditures. The department has also gathered information to develop estimates of future spending on current services. With that information, the department can build its budget proposals based on the needs of the agency.