Your State Government's Oversight of Health Insurance in South Carolina
The South Carolina State Government is in charge of developing, implementing and managing health insurance requirements and regulations applicable to state activities. In fulfilling this mission, the State Government generally chooses to balance the needs of consumers with an economic environment that promotes a healthy economic growth rate. Within the area of health insurance, the State Government must serve three major groups: resident consumers, insurance companies, and licensed insurance brokers.
The State Government's primary control factor for promoting a good health insurance system is the professional licensing and management of insurance providers and independent health insurance brokers. For insurance providers, the State Government prepares basic standards for insurance products and requires routine financial statement audits, making sure that tax requirements are met. For insurance brokers, the State Government establishes professional and licensing qualifications, administers broker license tests and issues licenses, oversees continuing education criteria, and collects license fees for broker applicants. The State Government is also responsible for identifying and investigating insurance crimes and fraud, especially when it affects consumers or when it damages the local business environment.
For health insurance consumers, the State Government publishes guidelines for consumers to help state residents locate the most favorable health insurance plans. The State Government is also available to help consumers file insurance appeals with their insurance provider when a dispute happens based on their issues with their insurance policy. And, the State Government is responsible for managing the Federal Medicare program within the state where subsidized insurance is provided to children who do not have health insurance, uninsured individuals, qualifying seniors, or the self-employed.