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

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.

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