Report says S.C. consumers paying too much for insurance

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Report says S.C. consumers paying too much for insurance

Story Published: Jul 1, 2009 at 8:59 AM EST

Story Updated: Jul 1, 2009 at 8:59 AM EST

COLUMBIA, S.C. (AP) - A new report says consumers in South
Carolina could be paying too much for insurance.

The State reported Wednesday that the Legislative Audit Council report says the Department of Insurance needs to do a better job of documenting reasons for approving rate increases. The report also
says many of the files reviewed were missing paperwork needed to
prove why the increases were necessary.

State Insurance Director Scott Richardson says parts of the report are misleading. He says many of the documents the report mentioned are not required by state law.

The audit was requested two years ago amid concerns over increasing rates for workers' compensation insurance and coastal
property insurance.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

 


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Thursday, Jul 2 at 10:33 AM JOMO wrote ...

The wary mind cannot help but wonder, what could possibly motivate an agency who's mission it is to protect the insured to be so lax with the industry it has been that it has been created to oversee?

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