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Department of Insurance outlines consumer protection roles and mitigation grants program
Summary
Director Michael Wise summarized the Department of Insurance’s oversight responsibilities — solvency regulation, rate and product review for private insurers, consumer services, fraud enforcement and a mitigation grant program — and offered outreach to the committee and public.
Michael Wise, director of the South Carolina Department of Insurance, briefed the committee on the agency’s core responsibilities: ensuring the financial solvency of insurers doing business in the state, reviewing products and rates for regulated lines, licensing and oversight of pharmacy-benefit managers, consumer…
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