ORDERS:
ORDER AND DECISION
This matter comes before me 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 homeowners property and
casualty insurance premium rate increase. A hearing was held on May 22, 1995. 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 increase request is approved.
FINDINGS OF FACT
By a preponderance of the evidence, I find:
1. On January 26, 1995, Petitioner submitted to the South Carolina Department of Insurance a
formal filing for a homeowners property and casualty insurance premium rate increase, having an
overall premium increase impact of 10.8%.
2. The public was advised that an application for a rate increase by Petitioner had been made and
that a hearing would be held on May 22, 1995.
3. The last insurance premium rate change received by Nobel Insurance Company for its
homeowners property and casualty insurance premium rate was an overall rate decrease on June
1, 1993.
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 increase request will produce rates that are not
excessive, inadequate, or unfairly discriminatory.
6. The rate increase 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 increase
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 increase requested by
Petitioner is approved and shall be effective immediately.
AND IT IS SO ORDERED.
______________________________
JOHN D. GEATHERS
Administrative Law Judge
Edgar A. Brown Building
1205 Pendleton Street
Columbia, South Carolina 29201
This ____ day____ 1995
Columbia, South Carolina |