The Center for Consumer Information & Insurance Oversight
South Carolina Rate Review Grants Award
Cycle I Grant Application Summary
South Carolina Grantee: The South Carolina Department of Insurance
Award Date: August 16, 2010
Award Amount: $1,000,000
- Improve the Review Process: Currently South Carolina filings are reviewed by an analyst and referred to an actuary as needed. The State intends to hire a consultant actuary to review all individual and group rates. In addition, this review will result in new processes for comprehensive review of health insurance filings. South Carolina will use the results of the review to determine whether additional legislative authority is required.
- Increase Transparency and Accessibility: South Carolina will conduct an actuarial study of historical rates and their reasonableness to consumers. The State will also develop a consumer friendly website.
- Develop and Upgrade Technology: South Carolina will use technology to expand current analysis of premiums.
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