Posted on Tue, Aug. 29, 2006

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State orders refunds on policy overcharges

The S.C. Department of Insurance has ordered refunds for businesses overcharged for workers’ compensation policies.

In ordering the refunds, the agency reversed a June decision that insurers should make up the overcharges with future discounts. Calculations used to set the cost of the policies were in error.

Average refunds will be about $250, but some employers could receive more than $5,000, the department said.

The payments are for premiums paid between April 2003 and July 2004.

• Coastal Financial declares dividend

MYRTLE BEACH — Coastal Financial Corp. has declared a 10 percent stock dividend payable Sept. 29 to shareholders of record Sept. 8.

As a result, Coastal said it would retroactively restate earnings per share for all previous periods. The company said for the quarter ended June 30 it earned 22 cents a share after adjusting for the dividend, compared with 19 cents a share for the year-ago quarter.

Shares closed Monday at $13.43, down 14 cents.

• German firm is new MC Squared partner

RIDGEWAY — Germany-based Benseler Beteilungen GmbH & Co. KG is the new majority joint venture partner of MC Squared Finishing Solutions in Fairfield County.

Benseler is expected to invest $2.45 million in MC Squared for equipment and building improvements. MC Squared looks to add about 20 new jobs over the next year.

MC Squared Finishing Solutions Holdings is Benseler’s partner in the venture.

• Aiken County might charge impact fees

AIKEN — Aiken County officials are discussing charging developers impact fees to pay for capital improvements, particularly roads, needed when new homes and commercial properties sprout up.

County officials have an alternate plan if an impact fee ordinance proves too costly or too complicated.

A draft ordinance to be reviewed Sept. 19 before Aiken County Council’s Development Committee mandates developer-provided road improvements such as turn lanes and traffic signals.

• Business Vitals gets national recognition

Columbia-based Business Vitals has been named one of Inc. Magazine’s fastest-growing companies in America for 2006.

Business Vitals, an IT risk management company, ranked No. 296 on the Inc. 500 list and was within the top 10 of information security firms.

The company was one of only six S.C. firms and the only company from the Midlands. The list will be published in the magazine’s September issue.

Compiled by C. Grant Jackson