More of the South Carolina Small Business Chamber of Commerce state legislative agenda:
Our successful efforts on workers’ compensation have led to stabilization and even a reduction in rates in South Carolina. Whether it is our legislative victories in re-regulating the workers’ compensation insurance companies or our significant Administrative Law Court success in reducing proposed increases in premiums, the South Carolina Small Business Chamber is recognized as the leading business organization on this issue.
But there is still more work to do.
Currently proposed increases in workers’ compensation insurance rates (loss costs) must be approved by an Administrative Law Judge in a public hearing if requested by the S.C. Consumer Advocate. This provides an opportunity for the business community to challenge in court any proposed increase.
However, if the workers’ compensation insurance industry proposes a decrease in overall rates (loss costs), no matter how slight, the state’s Consumer Advocate and businesses community cannot challenge the proposal before a Judge even if a much more significant decrease is warranted. Senate Bill 31 would allow the Consumer advocate to request a public hearing before a Judge for any proposed change (increase or decrease) to workers’ compensation insurance rates (loss costs).
If you want to help, contact Senator David Thomas, chairman of the Senate Banking and Insurance Committee, and ask him to support S.31 and appoint a subcommittee for the bill. Here is a link to the page with his contact information:
Another problem resulting in higher workers’ compensation premiums is the ability of insurance carriers not being required to use the most recently approved new rates (loss costs). Consequently, insurance carriers can continue to use old rates (loss costs), which can allow them to collect excessive premiums from businesses. House Bill 3111 closes this loophole in the law by requiring each workers’ compensation insurance carrier to adopt the most recently approved loss cost (rates) within 120.
H.3111 is also in the Senate Banking and Insurance Committee. Again, contact Senator David Thomas and ask him to support S.3111 and appoint a subcommittee for the bill. Here is a link to the page with his contact information:
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I agree. They should expand the benefits more to the beneficiaries as what labor groups are proposing. Added benefits such as housing loans and memorial plans are being discussed.
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