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Insurance Companies may be overcharging South Carolina Residents

Posted on Jul 02, 2009

COLUMBIA, S.C. (AP) -- A new report says consumers in South Carolina could be paying too much for insurance.

The State reported Wednesday that the Legislative Audit Council report says the Department of Insurance needs to do a better job of documenting reasons for approving rate increases. The report also says many of the files reviewed were missing paperwork needed to prove why the increases were necessary.

The audit was requested two years ago amid concerns over increasing rates for workers' compensation insurance and coastal property insurance.

Information from: The State, http://www.thestate.com

(Copyright ©2009 by The Associated Press. All Rights Reserved.)

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