ORDERS:
ORDER OF DISMISSAL
On January 6, 1995, VASA North Atlantic Insurance Company filed an application with the Chief
Insurance Commissioner requesting approval of an rate increase in its casualty medical excess
insurance. Pursuant to S.C. Code Ann. Section 38-73-910 (1976, as amended), the Department
of Insurance (State of South Carolina) contested the rate approval.
The Statute, in pertinent part, requires that if an insurer has earned premiums within this State in
the previous calendar year of $500,000.00 or more in a line of insurance or in a type of insurance,
then, before that insurer can effect an insurance premium rate increase impacting upon State of
South Carolina policyholders for that line of insurance or that type of insurance, the increase
request must be the subject of a public hearing.
The Department of Insurance and the Petitioner, through in-house actuaries and rate filing
specialist, conducted informal discovery and ultimately reached a conclusion that no State of
South Carolina policyholder will receive an insurance premium rate increase as a result of the
Petitioner's casualty medical excess insurance premium rate change filing.
Therefore, a public hearing before the Administrative Law Judge Division is DISMISSEDwithout
prejudice.
AND SO IT IS ORDERED.
_________________________
ALISON RENEE LEE
Administrative Law Judge
February _____, 1995
Columbia, South Carolina. |
