Tuesday, December 28, 2021

No. 450: The South Carolina Department of Insurance Attacks the SHIP Rehabilitation Plan

On November 16, 2021, the South Carolina Department of Insurance (SCDOI) issued a media release entitled "SCDOI Director Ray Farmer Seeks to Stop the Implementation of the Rehabilitation Plan for Senior Health Insurance Company of Pennsylvania (SHIP) in South Carolina." The first sentence of the media release reads: "Yesterday, Ray Farmer, Director of the SCDOI, took another step toward protecting consumers who have long-term care insurance with SHIP from potentially detrimental rate increases or benefit reductions."

On November 19, Chief Administrative Judge L. Casey Manning of the Fifth Judicial Circuit in Columbia, South Carolina, blocked immediate implementation of the SHIP Rehabilitation Plan. At this writing, the fate of the SHIP Rehabilitation Plan is not known.

I have written extensively about SHIP's financial problems. To review my posts about SHIP, click here or search for SHIP on my blog using the search box in the extreme upper left corner.