South Carolina comp rates decrease for most businesses
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A majority of South Carolina employers will see an average 7% reduction in workers compensation rates, while employers in the assigned risk pool will see a 9.7% increase.
On Jan. 24 the state’s insurance director Raymond Farmer signed a corrective action order that increases the loss cost multiplier from 2.184 to 2.578 starting on April, per advice of the National Council on Compensation Insurance.
In an Oct. 27, 2017, letter included in Mr. Farmer’s notice, the ratings agency issued a “formal notice that the excessive losses are indicated in the South Carolina Assigned Risk Plan and as such jeopardizing the ability of the plan to operate as a self-funded mechanism” and subsequently told the state to raise rates.
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