New Multiplier Filing Rules Created Ahead of 2.5% Loss Cost Increase

A loss cost increase of 2.5% will take effect Sept. 1 in South Carolina, and the Department of Insurance is reminding workers’ compensation insurers of new requirements and legislation for filing loss cost adoptions and multipliers. Insurers must notify the agency that they’ve adopted the most recent loss costs within 60 days of their approval. Those loss costs must become effective no later than 120 days after the effective date of the approved loss costs, the new rules state. Insurers can satisfy their obligation to make required filings by becoming a member of or subscriber to...