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COLUMBIA, S.C. (AP) -- A new report says consumers in South Carolina could be paying too much for insurance.
The State reported Wednesday that the Legislative Audit Council report says the Department of Insurance needs to do a better job of documenting reasons for approving rate increases. The report also says many of the files reviewed were missing paperwork needed to prove why the increases were necessary.
State Insurance Director Scott Richardson says parts of the report are misleading. He says many of the documents the report mentioned are not required by state law.
The audit was requested two years ago amid concerns over increasing rates for workers' compensation insurance and coastal property insurance.
Information from: The State, http://www.thestate.com
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