S.C. Code Ann. § 38-77-596 – 143)[Repealed effective January 1, 2010] Reinsurance Facility to develop and file private passenger automobile loss components and expense components; facility rate increases capped

(A) The governing board of the South Carolina Reinsurance Facility annually shall develop and file private passenger automobile loss components and expense components which include provisions for profits and contingencies, which would combine for the final rate for automobile insurance coverages based on the total experience of all risks ceded to the facility which are actuarially sound and supported by statistical evidence. The governing board shall contract with independent actuarial services to develop the loss component. Due consideration must be given to actual loss experience within the facility for the most recent three-year period for which such information is available.
(B) The loss component developed under this section is applicable to the risk and territorial classification plan adopted by the facility. Nothing in this section precludes the governing board of the facility from filing for approval, or the director of the Department of Insurance from requiring the governing board to file for approval, variations in loss components and rates which are based upon differences in risk characteristics including, but not limited to, difference in driving records.
(C) The governing board of the facility annually shall review the private passenger automobile loss components to determine if they are actuarially sound and supported by the statistical evidence. If rate changes are required, the governing board shall submit appropriate filings for approval with the director. Facility rate increases on or after March 1, 1999, must be capped at an overall ten percent increase each year. This cap does not apply on an individual insured basis. These rate filings are subject to public hearing pursuant to applicable provisions of the Administrative Procedures Act.