ORDERS:
ORDER AND DECISION
This matter comes before this tribunal pursuant to S.C. Code Ann. § 38-73-10, et seq. (Supp.
1994) and S.C. Code Ann. § 1-23-310, et seq. (Supp. 1994) upon a request for a commercial
multiple-peril property and casualty insurance premium rate change. A hearing was held on April
30, 1996. The request was not contested by the Department of Insurance or any member of the
public. Upon review of the testimony and evidence submitted, the rate request is approved.
FINDINGS OF FACT
By a preponderance of the evidence, I find:
1. On February 7, 1996, Petitioner submitted a formal filing for a commercial multiple-peril
property and casualty insurance premium rate change to the South Carolina Department of
Insurance, which has an overall premium impact of a 1.6% decrease from existing rates.
2. The public was advised that an application for a rate change by Petitioner had been made and
that a hearing would be held on April 30, 1996.
3. The last insurance premium rate increase received by Petitioner for its commercial
multiple-peril property and casualty insurance premium rate was on May 16, 1994.
4. The Department of Insurance conducted an independent investigation of the filing.
5. The Department of Insurance, through its Chief Casualty Actuary, Martin M. Simons, testifying
as an expert witness, represented that the rate request will produce rates that are not excessive,
inadequate, or unfairly discriminatory.
6. The rate request was not contested by the State Consumer Advocate or any member of the
public.
CONCLUSIONS OF LAW
Based upon the foregoing Findings of Fact, I conclude as a matter of law, the following:
1. The South Carolina Administrative Law Judge Division is empowered to hear this case
pursuant to S.C. Code Ann. § 38-73-910 (Supp. 1994) and Chapter 23 of Title I of the 1976
Code, as amended.
2. Generally, a request for an insurance rate increase is governed by S.C. Code Ann. § 38-73-10,
et seq. (Supp. 1994).
3. Pursuant to S.C. Code Ann. § 38-73-910 (Supp. 1994), notice of the filing and of the public
hearing was given in all newspapers of statewide circulation at least thirty (30) days in advance of
the hearing.
4. Petitioner established by the preponderance of the evidence that its requested rate change
would not be excessive, inadequate, or unfairly discriminatory. See S.C. Code Ann. §
38-73-10(a)(1) (Supp. 1994).
IT IS THEREFORE ORDERED that the insurance premium rate change requested by
Petitioner is approved and shall be effective any time after the date of this Order.
AND IT IS SO ORDERED.
______________________________________
JOHN D. GEATHERS
Administrative Law Judge
Edgar A. Brown Building
1205 Pendleton Street
Columbia, South Carolina 29201
April 30, 1996
Columbia, South Carolina |