To secure fair, reasonable, adequate, and nondiscriminatory rates for workers' compensation insurance the director or his designee shall approve the rate for each classification under which workers' compensation insurance is written, which rate and classification must be the same for all insurers. The director or his designee shall, in approving the rates, make use of the experience data which may be available and any other helpful information that may be obtainable. A proceeding under this section is considered a proceeding to fix or alter rates for consumer services in relation to the duties of the Division of Consumer Advocacy. HISTORY: Former 1976 Code Section 42-5-90 [1936 (39) 1231; 1937 (40) 613; 1942 Code Section 7035-76; 1952 Code Section 72-409; 1962 Code Section 72-409; 1960 (51) 1646; 1980 Act No. 517 Part II, Section 20] recodified as Section 38-73-490 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 783.
South Carolina Legal Code