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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-73-522 SO AS TO REQUIRE WORKER'S COMPENSATION INSURERS TO USE THE MOST RECENTLY APPROVED LOSS COST DATA WHEN CALCULATING RATES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 73, Title 38 of the 1976 Code is amended by adding:
"Section 38-73-522. A worker's compensation insurer must use the most recently approved loss cost data when calculating rates."
SECTION 2. This act takes effect upon approval by the Governor.
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