ORDERS:
ORDER AND DECISION
This matter comes before me pursuant to S.C. Code Ann. § 38-73-10, et seq. (Supp. 1995) and
S.C. Code Ann. § 1-23-310, et seq. (Supp. 1995) upon a request for a businessowners' property
and casualty insurance premium rate increase. A hearing was held on April 18, 1996. The
request was not contested by the Department of Insurance or any member of the public.
However, the Petitioner failed to appear and was held in default pursuant to ALJD Rule 23.
Upon motion of the Petitioner, the matter was reinstated and heard on May 1, 1996. After
reviewing 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 8, 1996, Petitioner submitted a formal filing for a businessowners' property and
casualty insurance premium rate increase to the South Carolina Department of Insurance, which
has an overall premium increase impact of 8.1%.
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 April 18, 1996. At this scheduled hearing, neither the State
Consumer Advocate nor any member of the public appeared to contest or offer testimony on
Petitioner's filing.
3. The last insurance premium rate increase received by Petitioner for its businessowners' property
and casualty insurance premium rate was on November 23, 1992.
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 requested rate increase will produce rates that are not
excessive, inadequate, or unfairly discriminatory.
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. 1995) 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. 1995).
3. Pursuant to S.C. Code Ann. § 38-73-910 (Supp. 1995), notice of the filing and of the public
hearing was given in all newspapers of statewide circulation at least thirty (30) days before 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) and 38-73-330(2) (Supp. 1995).
IT IS THEREFORE ORDERED that the insurance premium rate increase requested by
Petitioner is approved and shall be effective on July 1, 1996.
AND IT IS SO ORDERED.
______________________________________
JOHN D. GEATHERS
Administrative Law Judge
Edgar A. Brown Building
1205 Pendleton Street
Columbia, South Carolina 29201
May 1, 1996
Columbia, South Carolina |
