S.C. Code Ann. § 38-91-230 – [Ceases to be of any force or effect after February 28, 2003] Filing of private automobile loss components for automobile insurance coverages; determination of expense component

(A) Effective March 1, 1999 the association shall file private passenger automobile loss components for automobile insurance coverages based on the total experience of all risks ceded to the South Carolina Reinsurance Facility which are actuarially sound and supported by statistical evidence. The association shall contract with independent actuarial services to develop such loss component. Due consideration must be given to actual loss experience within the reinsurance facility for the most recent three-year period for which such information is available. The loss component developed under this section is applicable to the risk and territorial classification plan adopted by the association.
(B) In the initial year of operation, the expense component used to develop the final rate or premium charge when combined with the loss component filed in subsection (A) shall be that expense component filed in accordance with Section 38-73-1420 by the governing board of the Reinsurance Facility.
(C) After the initial year of operation, rates, rating plans, and rating rules must be based upon the Underwriting Association's loss and expense experience and investment income. The resultant final rate or premium charges must be on an actuarially sound basis and must be calculated to be self-supporting.