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Bulletins and Orders

Posted on: August 1, 2022

Bulletin 2022-07


Regulation 69-11.1, Regulation of Credit Insurance, requires the South Carolina Department of Insurance (Department) to promulgate tentative rates for credit accident and health insurance by August 1st of each year.  The tentative rates are those the Department believes may reasonably be expected to produce a loss ratio of not less than fifty percent (50%) in the following calendar year.  This Bulletin constitutes official notice of the tentative rates for 2023.

The Department has reviewed the last several years’ experience for credit accident and health insurance written in conjunction with loans subject to the Consumer Finance Law.  The aggregate loss ratio for credit accident and health insurance at the prima facie rates were: thirty-six percent (36.0%) in 2021, thirty-nine and two tenths percent (39.2%) in 2020, and forty-three and seven tenths percent (43.7%) in 2019. In July 2021, the Department proposed a rate decrease to address this trend. See S.C. Department of Insurance Bulletin No. 2021-06. The Department proposes no rate changes for 2023, because the 2022 results have not yet been reported or analyzed. Accordingly, the proposed 3-day Retro Accident and Health Insurance Rates in 2023 are $0.25 per year per $5.00 unit of monthly indemnity.



Regulation 69-11.1.C.(4) provides that “every insurer which feels aggrieved by any of the rates so promulgated shall have fifteen days to request a public hearing with respect to such rate or rates.”  Accordingly, all requests for a hearing must be submitted to the Department in writing on or before August 16, 2022.  Please direct any requests for a hearing to the attention of:


Gwendolyn McGriff

General Counsel

South Carolina Department of Insurance

Post Office Box 100105

Columbia, South Carolina 29202-3105


All requests must include documentation supporting your position that the tentative rates for credit accident and health insurance need to be changed.  After any requested hearings have been held, the final rates or an affirmation of the tentative rates shall be sent to all companies before October 1, 2022.  



Any questions or concerns about this Bulletin should be submitted in writing to the attention of:

Andrew Dvorine, ASA, MAAA

Life Actuary

South Carolina Department of Insurance

145 King Street, Suite 228

Charleston, South Carolina 29401




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