How many days do Property and Casualty rates have to be filed before they can be used?

In South Carolina, Property and Casualty rates must be filed and are subject to a waiting period of 30 days before they can be legally implemented. This is a protective measure designed to ensure that rates are adequately reviewed by the appropriate regulatory authority to prevent unfair or discriminatory pricing in the insurance marketplace.

The 30-day period allows the South Carolina Department of Insurance to examine the proposed rates for compliance with state regulations, actuarial justification, and overall fairness to the policyholders. During this time, the department can conduct any necessary investigations or solicit input from stakeholders as needed. If no objections are raised during this period, the rates are automatically approved and can be used thereafter.

This system is an essential part of maintaining regulatory oversight in the insurance industry, ensuring that consumers are charged fair rates and that insurance providers follow a standardized procedure for rate adjustments.