[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6308665,"mediaKeyId","2420758-02fa99894fa30e90370d416a735d2278","parentId",2420758,"title","Insurance director requests new actuary FTE and $350,000 to restore staff buying power as liquor-liability, coastal markets strain coverage","audioSeconds",1681,"startMs",36861,"endMs",1718565,"viewUrl","/Search/View?dp=1&key=2420758-02fa99894fa30e90370d416a735d2278&start=36&end=1718","thumbnailUrl","https://assets.pipeline.soar.com/2420758-02fa99894fa30e90370d416a735d2278/thumbnail_36861.jpg","articleUrl","/articles/6308665/South-Carolina/Insurance-director-requests-new-actuary-FTE-and-350000-to-restore-staff-buying-power-as-liquor-liability-coastal-markets-strain-coverage","mediaUrl","https://secure.pipeline.soar.com/6308665-d406fe2cfffa4fe9f9fd8b88f4ea4154/orig.mp4?Expires=1771187888&Signature=NT5OnVRKIIIMbHpKpC8xi5tfCONgwk2mJQsIdc7vT-3JXHgxytEcpYvI~hyEJDTuqJm6obTbKMHu~2tmjWJnImdvz~291Z3c0Lqx0YBrrD~C8H7uskGxhZDZKoDfhnaNGC3i6WExnv2-WT6xv0z2uj3SRm7DlJMKZuMvdHgR2tPn1riIqJWV46I9E7CHINn0ziWenarLHwO7bNQrKY2RhZLtssyaVkxlGo8o5XCww4PxMVCb1US8igaFjqN71UsRfQllHS8ZXT2dlAQ-nK8N5axv6pVHO49d~uLdEeeD2Cnb7ArOs1oFIRW5xpzJHseunGFP-~IJtmrXYvKAkmP1bQ__&Key-Pair-Id=KUT5TJCACFTXG","author","South Carolina Legislature","date","2025-02-26T00:00:00Z","article","Michael Wise, director of the South Carolina Department of Insurance, told the Senate Finance Committee he is seeking one new actuarial full‑time equivalent and additional recurring funds to help the agency respond to rising data, research and market‑review demands.

Wise said the department is asking for a recurring FTE for a property, casualty and life/health actuary at a recurring cost of $214,500 and a recurring appropriation of about $350,000 to address diminished staff buying power, for a combined request of $564,500.

The request, Wise said, follows work the department began after 2023 legislation to regulate pharmacy benefit managers (PBMs). \"We are trucking along. We've hired people,\" Wise told members, noting the PBM examination process began in January 2025. He said the new actuarial position would let the agency respond to frequent research and data requests without pulling staff away from other responsibilities.

Why it matters: Committee members pressed Wise on lines of business that are now unusually hard for insurers to write — particularly liquor‑liability coverage and certain coastal property exposures — and on the limits of the department's authority to influence commercial rates.

Most important facts

- Actuarial and COLA request: Wise said the actuarial FTE would cost an estimated $214,500 recurring; the additional recurring request to restore staff buying power was about $350,000. He described the combined ask as $564,500.

- PBM regulation: The department implemented examinations tied to 2023 law and began examination work in January 2025.

- Market stress: Wise described the liquor‑liability market as the weakest line in the state. Using the department's 2023 data, he said about 35 insurance groups still underwrite establishments with 30% or less alcohol receipts, and about 26 groups underwrite establishments with more than 30% alcohol receipts. He said average premiums rose roughly 24% for the lower‑alcohol subset and about 180% for the higher‑alcohol subset between 2021 and 2023. He added some insurers are reducing or stopping new business in that line because claims and expenses have far outpaced premiums in recent years.

- Coastal programs and mitigation: Wise described the South Carolina Safe Home Program, funded in part by premium‑tax allocations from the state residual market (the Wind and Hail Underwriting Association). He said the Safe Home Program provides grants to make homes more wind‑resistant and that funding available to the program ebbs and flows with residual market size; he told the committee he will ask the department's board to study program updates and lessons from other states.

- Rate regulation limits: Wise explained personal lines (auto, homeowners) are subject to prior approval filings, while most commercial lines — with the exceptions of medical malpractice and workers' compensation — are not filed for prior approval in South Carolina. He warned that if the state moved to regulate (file) commercial rates, the department would gain data and enforcement authority but could also force upward pressure on rates to meet statutory tests that require rates not be inadequate, excessive or unfairly discriminatory.

Other discussion and context

Committee members asked whether non‑insurance regulations (for example, environmental rules under the Beachfront Management Act) affect coastal underwriting; Wise said those are not insurance regulations and that he had not received direct industry complaints tying those regulations to underwriting decisions. He identified reinsurance cost rises, higher property values, and inflationary lags as additional forces increasing coastal property premiums.

On tort reform and litigation: Wise said his office monitors reforms in other states but noted the department does not regulate litigation. He described Florida's changes as aimed at issues particular to that state's property market and contractors/adjuster activity and said those reforms appeared to have encouraged more carriers to enter Florida's market.

Provisos and reports

Wise also asked the committee to remove two completed provisos from the department's budget: a coastal insurance study that was a one‑time item, and a provision tied to the Insurance Review and Study Committee whose report was issued in January.

Sources and attributions

Direct quotes in this article come from Michael Wise, director of the South Carolina Department of Insurance; a list of witnesses Wise presented with (Julian Barton, legislative liaison; Tommy Watson, deputy director) was provided by Wise during his appearance.

Ending

Wise asked the committee to consider the recurring $564,500 package so the department can retain and recruit technical staff and continue PBM examinations and market monitoring. Committee members requested further data on Safe Home Program funding flows and the department agreed to provide historical funding and expenditure information.

","mediaType","Video","parentTitle","Senate Finance Committee -- Finance Natural Resources and Economic Development Subcommittee 02/26/2025","oneSentenceSummary","Michael Wise, director of the South Carolina Department of Insurance, told the Senate Finance Committee he is seeking one new actuarial full‑time equivalent and additional recurring funds to help the agency respond to rising data, research and market‑review demands.","taxTitle","Finance, Standing, Senate, Committees, Legislative, South Carolina","taxId",17657,"location","South Carolina","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6308655,"Santee Cooper reports oversubscribed bond sale, $7.6 billion capital plan and modest rate impact from Cook settlement",0,2880580,"/Search/View?dp=1&key=2420758-02fa99894fa30e90370d416a735d2278&start=2880&end=2880","https://assets.pipeline.soar.com/2420758-02fa99894fa30e90370d416a735d2278/thumbnail_2880580.jpg","/articles/6308655/South-Carolina/Santee-Cooper-reports-oversubscribed-bond-sale-76-billion-capital-plan-and-modest-rate-impact-from-Cook-settlement","https://secure.pipeline.soar.com/6308655-324bf442d73f0f2888bcc148547df57c/orig.mp4?Expires=1771187888&Signature=a3OePB0Xcmz6bW1I7Qa2x7dSCNkClfrBRirjjmZWl-gg3HCnrVKANQGla5JIWU0-JhuZNHokeEMnfNN6vO7LAbXX5Z4xRUCMFCydY6snEqsiGE4ybIGiR06Ej7IhacsoTgNL4WqpsCYz3lycPh3eJan5eaKEizrjFh1FKL2zm5YRvEzX5ltaaMgPmBvKwFye1u2dHfAVwY2pYF8WferRary70iK5cWUH7iuAdBzJZUeAkErDYc2sfwX3P-IZy6lba4IBdx8MIWpYWzd14iwXpHPaNAYsLNSMkClBYcajz5wQ9iffW1AIlpMQIX2DPjmFA~f6eq8mQHqLzbrDUWWQTA__&Key-Pair-Id=KUT5TJCACFTXG","Ken Lott, chief finance and administration officer for the state‑owned utility Santee Cooper, briefed the Senate Finance Committee on recent financing, rate and capital‑investment developments.

Lott said Santee Cooper went to the market under authority approved by the Joint Bond Review Committee and received very strong investor demand. He said the utility increased the planned issuance and obtained about $600 million in new money plus about $460 million in refunding bonds; the total sale produced what Lott described as a roughly 4.4 percent all‑in interest cost and is expected to yield about $30 million in interest savings for customers from refinancing.

Why it matters: Lott said the financing supports a $7.6 billion 10‑year capital plan to meet forecasted load growth — roughly 1,100 megawatts — and upgrades to transmission. He also described Santee Cooper’s first rate adjustment since 2017 (a 4.9 percent overall rate change) and said the Cook settlement will add about 2.9 percent to rates, an amount he estimated would be less than $5 per month for an average customer.

Key facts reported

- Debt issuance: Authorized up to $750 million; initial target about $650 million; final results: roughly $600 million new-money issuance and about $460 million in refinancing; the sale was more than ten times oversubscribed in banker feedback, Lott said.

- Interest cost and savings: Lott reported a roughly 4.4 percent blended cost on the issuance and estimated about $30 million in present value savings from refunding bonds.

- Rates and operations: Santee Cooper implemented a 4.9 percent rate adjustment (first since 2017). Lott said the Cook settlement adds an estimated 2.9 percent to rates and described that amount as less than $5 per month for customers.

- Customers and workforce: Lott said Santee Cooper serves about 216,000 retail customers directly, about 2 million customers directly or indirectly, and 200,000 wholesale water customers; he said the workforce is about 1,600 employees, roughly a 10 percent reduction over five to six years.

- Capital plan and reliability: The utility projects roughly $7.6 billion in electric investments over the next 10 years, including about $2.7 billion in transmission upgrades, more solar capacity in the 2020s and a need for combined‑cycle or combustion‑turbine capacity and battery storage as modeled in its integrated resource plan.

Quotes and context

\"So that's a big deal for Santee Cooper, very good for our ratepayers,\" Lott said describing the debt settlement and market reception.

Lott told the committee the utility expects to return about $23 million to the state in 2025 under a 1 percent payment tied to revenues.

Ending

Committee members thanked Santee Cooper for the update and noted improved financing and reliability metrics. Lott said Santee Cooper was prepared to provide more detail if the committee requested a follow‑up hearing.

","Ken Lott, Santee Cooper's chief finance officer, told the Senate Finance Committee the utility sold long‑term debt in an oversubscribed offering, raising $600 million in new money and refinancing about $460 million, generating estimated customer savings of about $30 million and a total borrowing cost near 4.4 percent.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6308661,"Conservation Bank asks Legislature for $5.5M recurring, $23M one‑time to protect farms, parks and working lands",1062,1747880,2810345,"/Search/View?dp=1&key=2420758-02fa99894fa30e90370d416a735d2278&start=1747&end=2810","https://assets.pipeline.soar.com/2420758-02fa99894fa30e90370d416a735d2278/thumbnail_1747880.jpg","/articles/6308661/South-Carolina/Conservation-Bank-asks-Legislature-for-55M-recurring-23M-onetime-to-protect-farms-parks-and-working-lands","https://secure.pipeline.soar.com/6308661-2b5bf79f2f5a36266ff105827c9345bc/orig.mp4?Expires=1771187888&Signature=edfj3r9iM-aroGoLsyqt6qLkMKWP1pCMXeohT~jfJkqk-YRt9afv~esFmuYL2iNIxboaXWooIfC4sfq5e61ETscvJfr95r1N9gGfZ0jQ0EfLxog1zqksRbznpHgP-OPLPMy2GOVLzHOqbw2b0RN-KkvllNptRIziFJIcKc7VUtRpqkhTxttHROkyCHBa8TQh3gMCOnNmlSrDFfy-OdyJLhmzGmgA2Il80-~NIQ-Dm27o-PNtWVxgVamyZusabN1GKyKlLmaGcCqDlDl2stli94EXHo4IThoZAxo5QWn58Tb~sSrr25oX-KB84OaB7HHLruzKIvw0FDvpre-i5jVZiA__&Key-Pair-Id=KUT5TJCACFTXG","Mike McShane, chairman of the South Carolina Conservation Bank board, and Riley West, the bank’s director, told the Senate Finance Committee the bank needs increased recurring and one‑time funding to continue protecting land statewide as population growth increases development pressure.

McShane asked for $5.5 million in recurring funding, a $20 million nonrecurring allocation and an additional $3 million nonrecurring appropriation targeted to the bank’s working agricultural lands program; together the nonrecurring requests total $23 million.

Why it matters: West said the bank issued 64 grants in 2024 that protected more than 30,000 acres and put the agency’s historical total above 400,000 acres — roughly 2% of South Carolina’s land mass — arguing the funding helps preserve farmland, wildlife corridors and public access near population centers.

Key details

- 2024 activity: Director Riley West said the bank issued 64 grants in 2024 protecting over 30,000 acres and that the program has protected over 400,000 acres in its history.

- Project highlights: McShane and West cited specific recent projects: Gregory Neck (about 44,409 acres near I‑95 between Beaufort and Savannah and more than a dozen miles of coastal tidal rivers), Witherspoon Island (about 3,708 acres and three miles of the Great Pee Dee River near Florence), Saluda Bluffs (about 1,000 acres and two miles of the South Saluda River near scenic Highway 11) and a 2,248‑acre Santee Corridor expansion added to Weti Wildlife Management Area.

- Costs and leverage: McShane said fee‑simple acquisitions averaged roughly $3,400 per acre; private‑lands easements averaged about $300 per acre. He said the bank has used about $146 million in taxpayer funds to leverage nearly $650 million in real‑estate value.

- Working lands: The bank’s working agricultural lands program has already committed most of its initial funds to five farms across the state; the board asked for $3 million additional nonrecurring to expand that program.

- Provisos and authorities requested: The bank asked to renew a $4 million annual grant to the Department of Natural Resources (DNR) — including a $3 million state match to draw federal Pittman‑Robertson or similar excise tax funds — and to retain a $1 million wetlands management allocation (formerly tied to the North American Wetlands Conservation Act match). The bank also requested carry‑forward authority for operating dollars and $25 million in budget authority for reimbursements tied to large federal grants.

Quotes and approach

\"We work with willing voluntary landowners to negotiate using compensation to result in conservation without regulation,\" Mike McShane said, describing the bank's emphasis on easements and voluntary transactions.

Riley West framed the request against population growth: \"South Carolina welcomed 90,000 people to our state last year,\" he said, and added that population growth increases pressures on rural and historic landscapes the bank aims to conserve.

Committee response

Senators praised the bank's leverage and asked whether additional working‑lands funding could be absorbed; McShane said the bank could leverage additional state dollars and that timing is important because rising land values increase program costs.

Ending

The Conservation Bank concluded by formally submitting its recurring and nonrecurring funding requests and a set of provisos for committee consideration, including renewal of the DNR grant, wetlands management funding, carry‑forward authority and reimbursement budget authority.

","Chairman Mike McShane and Director Riley West told the Senate Finance Committee the Conservation Bank issued 64 grants in 2024 protecting more than 30,000 acres and is requesting $5.5 million recurring plus $20 million one‑time and an additional $3 million one‑time for working agricultural lands.","actionData","errors"]

Article not found

Insurance director requests new actuary FTE and $350,000 to restore staff buying power as liquor-liability, coastal markets strain coverage

Santee Cooper reports oversubscribed bond sale, $7.6 billion capital plan and modest rate impact from Cook settlement

Conservation Bank asks Legislature for $5.5M recurring, $23M one‑time to protect farms, parks and working lands