South Carolina § 38-73-40 - Recording and reporting of loss and expense experience.

§ 38-73-40. Recording and reporting of loss and expense experience.

The department may promulgate statistical plans, reasonably adapted to each of the rating systems on file with the department, which may be modified from time to time and which must be used thereafter by each insurer in the recording and reporting of its loss and countrywide expense experience, in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary to aid him in determining whether rating systems comply with the standards set forth in Sections 38-73-330 and 38-73-430, as the case may be. The plans may also provide for the recording and reporting of expense experience items which are specially applicable to this State and are not susceptible of determination by a prorating of countrywide expense experience. In promulgating these plans, the department shall give due consideration to the rating systems on file with it and, in order that such plans may be as uniform as is practicable among the several states, to the form of the plans used for rating systems in other states. The department may designate one or more rating organizations or other agencies to assist him in gathering the experience and making compilations thereof. These compilations must be made available, subject to plans promulgated by the department, to insurers and rating organizations.

HISTORY: Former 1976 Code SECTION 38-43-50 [1947 (45) 322; 1952 Code SECTION 37-655; 1962 Code SECTION 37-655; 1974 (58) 2718] recodified as SECTION 38-73-40 by 1987 Act No. 155, SECTION 1; 1989 Act No. 148, SECTION 7; 1993 Act No. 181, SECTION 783.