Richardson Approves 0.3% Cut in Loss-Costs

South Carolina Insurance Director Scott Richardson has approved a call by the National Council on Compensation Insurance (NCCI) to reduce workers' compensation loss costs by 0.3% effective July 1.The slight decrease comes after double-digit jumps that triggered a series of reforms by the South Carolina Legislature in 2007.NCCI said in its filing that the decrease marks a reversal in trends that saw loss costs increase more than 70% during the past five years.The last two increases triggered challenges by state Insurance Consumer Advocate Elliott Elam Jr. and the South Carolina Small Busine...