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South Carolina Opt Out May Become Reality

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South Carolina Opt Out Coming Soon (Maybe)

The South Carolina Opt Out decision may be a reality soon.   The South Carolina State House introduced a bill that may actually allow South Carolina companies to Opt Out of Workers Compensation.    South Carolina would join Texas, Oklahoma, and possibly Tennessee in being the country’s Opt Out states.

Map of South Carolina Opt Out State
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The South Carolina Opt Out House Bill H 4197 Summary can be found at the link.   Click on full text for the complete Bill.  I see that the Bill was referred to Committee.  This means that it may not even be called to the Floor during this session.  (Bummer) Summary is as follows:

H 4197 General Bill, By Sandifer, Hiott, and Gagnon

A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING TITLE 64 SO AS TO ENACT THE “SOUTH CAROLINA EMPLOYEE INJURY BENEFIT PLAN ALTERNATIVE”, TO DEFINE NECESSARY TERMS, TO AUTHORIZE NEW FORMS OF INSURANCE COVERAGE AND EXEMPTION FROM THE SOUTH CAROLINA WORKERS’ COMPENSATION LAW, TO PROVIDE CERTAIN NOTICE REQUIREMENTS, TO REQUIRE PAYMENT OF CERTAIN FEES, TO PROVIDE FOR THE COLLECTION AND MAINTENANCE OF CERTAIN INFORMATION, TO PROSCRIBE CERTAIN RULES AND FORMS, TO PROVIDE CIRCUMSTANCES FOR THE ADOPTION OF CERTAIN INSURED OR SELF-FUNDED BENEFIT PLANS, TO PROVIDE REQUIREMENTS FOR CERTAIN BENEFIT PLANS, TO PROVIDE APPLICABILITY OF CERTAIN STANDARDS, TO AUTHORIZE CERTAIN LUMP SUM PAYMENTS, TO AUTHORIZE CERTAIN SETTLEMENT AGREEMENTS AND SPECIFY CONDITIONS AND LIMITATIONS; TO PROHIBIT CERTAIN FEES OR COSTS, TO REQUIRE THE PROVISION OF CERTAIN INFORMATION, TO PROVIDE QUALIFIED EMPLOYERS MAY INSURE OR SELF-FUND CERTAIN RISKS, TO PROVIDE EMPLOYERS SHALL SECURE COMPENSATION IN SPECIFIED WAYS, TO PROVIDE CERTAIN SETTLEMENT AGREEMENTS, TO PROVIDE CERTAIN FINANCIAL SECURITY REQUIREMENTS, TO HOLD CERTAIN INSURANCE AGENTS AND BROKERS HARMLESS FOR CERTAIN ACTIONS, TO PROVIDE FOR CERTAIN FUNDS AND THE PURPOSE OF THOSE FUNDS, TO PROVIDE FOR THE DEPOSIT OF CERTAIN PREMIUM TAXES, TO REQUIRE PAYMENT AND COLLECTION OF CERTAIN FEES, TO PROVIDE FOR THE DETERMINATION OF CERTAIN ASSESSMENTS, TO PROVIDE CERTAIN NOTICE REQUIREMENTS, TO PROVIDE FOR THE EXCLUSIVITY OF CERTAIN LIABILITIES AND REMEDIES, TO PROVIDE RELATED RESPONSIBILITIES OF CERTAIN EMPLOYERS, AND TO PROVIDE PLANS MUST CONTAIN CERTAIN RIGHTS, AMONG OTHER THINGS.

Vector Graphic of South Carolina Opt Out Gavel on Book
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If South Carolina Opt Out is ever enacted, the state has two and possibly three “blueprint states” for reference in the future.  South Carolina is in the throes of a deep recession.   Anything that can possibly help cut operating costs for employers would be very helpful in the long run.

 

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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