Bill Would Require Insurers to Adopt Most Recent Industry Loss Cost Rates

A bill has been introduced in the South Carolina Legislature that would require workers’ comp insurers in the state to adopt the most recently approved industry loss cost rates as part of their rate filings. Senate Bill 1064, authored by Sen. Tom Young Jr., R-Aiken, would also require workers’ comp insurers to adopt the latest loss cost rates for the industry within 120 days of them taking effect. The loss cost rates are filed annually by the state’s statistical and rating agency, the National Council on Compensation Insurance. Under the measure, if a carrier isn’...