Audit Requested of S.C. Insurance Department’s Rate Oversight

A South Carolina Senate leader is asking the Legislative Audit Council to review practices at the state Insurance Department that may have let insurance companies raise rates without adequate oversight.

Senate President Pro Tem Glenn McConnell, R-Charleston, asked the state watchdog group to review eight areas involving the agency.

Those include whether the agency is using accurate information and accounting for insurers’ investment income properly. McConnell also wants to know whether rates for hurricane-related insurance are accurately calculated.