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SC Wind Responds to Questions Regarding Rate Increase
SC Wind and Hail has received several inquires regarding a potential rate increase. In response, SC Wind released the following statement:
Contrary to statements being made by select Insurance Producers, SC Wind has not filed for a rate increase at this time.
Twice a year, the Association reviews its rate adequacy. Currently, the outside actuary is reviewing the modeled results. The Association has not received a report back from the actuary. No filing has been made at this time.
If a rate increase is submitted and receives regulatory approval, it is the general procedure of the Association to provide producers three months notice.
Insurance Producers who suggest that they know the effective date and increase amount of the next rate change are mistaken.
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