S.C. Code Ann. § 38-12-520 — SC Code / Title 38 / Chapter 12 / Article 3 / Section 38-12-520
SECTION 38-12-520. Exceptions to investment restrictions; assets from dividends and distributions; mergers and consolidations; protection of previous investments; time for determining qualification.
Status: in_force

(A) Pursuant to this subsection, an insurer may acquire an investment of any kind, or engage in a securities lending transaction, repurchase transaction, reverse repurchase transaction, or dollar roll transaction, that is not prohibited specifically by this chapter, without regard to the categories, conditions, standards, or other limitation of Sections 38-12-430 through 38-12-500 if, as a result of and after giving effect to the transaction, the aggregate amount of investments then held and securities lending transactions, repurchase transactions, reverse repurchase transactions, and dollar roll transactions then engaged in pursuant to this subsection does not exceed the greater of: (1) its unrestricted surplus; or (2) ten percent of its admitted assets or fifty percent of its surplus as regards policyholders, whichever is less. (B) An insurer may not acquire an investment or engage in an investment practice pursuant to this subsection if as a result of and after giving effect to the transaction the aggregate amount of all investments then held by the insurer under this subsection in any one person exceed five percent of its admitted assets. (C) If any investment made or transaction entered into pursuant to any other section of this chapter exceeds the limits specified in that section, the excess portion of the investment or transaction is considered to be an investment or transaction pursuant to this section. Any loan, investment, or transaction originally made pursuant to this section which subsequently, if it were then being made, would qualify as an authorized investment or transaction pursuant to another subsection of this section or another section of this chapter shall thereafter be considered an authorized investment or transaction pursuant to that subsection or section. (D) This chapter does not prohibit the acquisition by an insurer of additional obligations, securities, or other assets if received as a dividend or as a distribution of assets, nor does this chapter apply to securities, obligations, or other assets accepted incident to the workout, adjustment, restructuring, or similar realization of an investment or transaction when the insurer's board of directors or a committee appointed by the board of directors considers it to be in the best interests of the insurer, if the investment or transaction had been authorized previously. This chapter does not apply to assets acquired pursuant to a lawful agreement of bulk reinsurance if the assets constituted legal and authorized investments for the ceding company. No obligation, security, or other asset acquired as authorized by this subsection is required to be qualified pursuant to any other subsection of this section or other section of this chapter, provided that all assets acquired pursuant to this subsection are subject to the applicable accounting and valuation requirements contained in this chapter. (E) Subject to the provisions of subsection (F), if a domestic property and casualty insurance company, pursuant to a merger or consolidation, acquires an investment or transaction that was an authorized investment or transaction of the company that was merged or consolidated with the domestic property and casualty insurance company but that does not qualify as an authorized investment or transaction pursuant to this chapter at the time the merger or consolidation occurs, regardless of whether or not the investment or transaction would be authorized pursuant to subsection (A) or (B), then the investment or transaction is considered an authorized investment or transaction pursuant to this subsection and is not required to be applied toward the limitations contained in subsection (A) or (B), for a period of five years after the date on which the merger or consolidation occurs. After that period it shall no longer be an authorized investment or transaction pursuant to this subsection, unless within the five-year period: (1) the investment or transaction qualifies as an authorized investment or transaction pursuant to another subsection of this section or another section of this chapter including without limitation, subsections (A) and (B), if the domestic property and casualty insurance company so elects; or (2) the director authorizes the investment or transaction in the plan of merger or consolidation approved by the director; or (3) upon request of the insurer, the director authorizes an extension of the five-year time period; or (4) the director approves the investment or transaction pursuant to this subsection. The aggregate amount of a domestic insurance company's investments and transactions pursuant to this subsection, excluding investments and transactions authorized pursuant to items (1), (2), and (4), may not exceed twenty-five percent of the domestic insurance company's capital and surplus after giving effect to such merger or consolidation. (F) If a domestic insurance company, pursuant to a merger or consolidation, acquires a mortgage loan, or a participation in a mortgage loan, that would have been authorized pursuant to Section 38-12-480, and pursuant to subsection (C) of this section as to the portion that exceeded seventy-five percent of the value of the property, at the time the company that was merged or consolidated with the domestic insurance company invested in the mortgage loan or participation in the mortgage loan, then such mortgage loan or participation in the mortgage loan is authorized pursuant to Section 38-12-480, and pursuant to subsection (C) of this section as to the portion that exceeded seventy-five percent of the value of the property. (G) The director has full discretion in selecting a method for calculating values of investments and transactions that an insurer acquires through a merger or consolidation, provided that the method is consistent with any applicable provisions of this chapter and any applicable valuation method that the NAIC is currently using at the time with respect to investments and transactions. If there is a conflict between a provision of this chapter and the NAIC valuation method being used, the provision of this chapter controls. (H) The qualification or disqualification of an investment pursuant to one subsection of this section or one section of this chapter does not prevent its qualification in whole or in part pursuant to another provision of this chapter. An investment authorized by more than one provision of this chapter is authorized pursuant to the provision the insurer elects. An investment or transaction qualified pursuant to any provision of this chapter at the time it was acquired or entered into by the insurer shall continue to be qualified pursuant to that provision. An investment or transaction may be transferred in whole or in part at the election of the insurer to the authority of any provision of this chapter pursuant to which it then qualifies, whether or not it originally qualified pursuant to that provision. (I) Notwithstanding the provisions of the other subsections of this section or other sections of this chapter, an insurer may acquire an investment in or enter into a transaction with a business entity in which the insurer already holds one or more investments or with which the insurer has entered into one or more transactions if the investment is acquired or the transaction is entered into in order to protect an investment or transaction previously made in or with the business entity, provided that the aggregate amount of investments and transactions so acquired and entered into may not exceed five percent of the insurer's capital and surplus. (J)(1) The percentage authorizations and limitations contained in any provision of this chapter apply only at the time of the original acquisition of an investment or at the time a transaction is entered into and are not applicable to the insurer or the investment or transaction after that time except as provided in subsection (H). Once any investment or transaction is qualified pursuant to any provision of this chapter, it shall remain qualified notwithstanding any refinancing, restructuring, or modification of the investment or transaction, provided that the insurer does not engage in the refinancing, restructuring, or modification of the investment or transaction for the purposes of circumventing the requirements or limitations of this chapter. (2) The director has full discretion to value investments and transactions that an insurer holds at the time of an examination of the insurer using a method of calculating the values that the director selects in his discretion, provided that the method must be consistent with any applicable provisions of this chapter and any applicable valuation method that the NAIC is using at the time with respect to investments and transactions. If there is a conflict between such a provision of this chapter and an applicable NAIC valuation method that the NAIC is using at the time, the provision of this chapter controls. (3) Notwithstanding items (1) and (2), if the director determines that the continued operation of an insurer may be hazardous to its policyholders, its creditors, or the general public, the director may issue an order consistent with applicable statutes requiring the insurer to limit or withdraw from certain investments or transactions or discontinue certain practices as to investments or transactions to the extent the director considers necessary.
S.C. Code Ann. § 38-27-440 — SC Code / Title 38 / Chapter 27 / Article 5 / Section 38-27-440
SECTION 38-27-440. Collection and list of assets.
Status: in_force

(a) As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list must be amended or supplemented from time to time as the liquidator may determine. One copy must be filed in the office of the clerk of the circuit court and one copy must be retained for the liquidator's files. All amendments and supplements must be similarly filed. (b) The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation. (c) A submission to the court for disbursement of assets in accordance with SECTION 38-27-530 fulfills the requirements of subsection (a) of this Section.
S.C. Code Ann. § 38-23-20 — SC Code / Title 38 / Chapter 23 / Section 38-23-20
SECTION 38-23-20. "Equity security" defined.
Status: in_force

"Equity security", when used in this chapter, means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the director or his designee considers to be of similar nature and considers necessary or appropriate, by any regulation the department may prescribe in the public interest or for the protection of investors, to treat as an equity security.
S.C. Code Ann. § 38-3-60 — SC Code / Title 38 / Chapter 3 / Article 1 / Section 38-3-60
SECTION 38-3-60. Powers and duties of Commission and Director of the Department of Insurance.
Status: in_force

The director or his designee must follow the general policies and broad objectives enacted by the General Assembly regarding the operation of the insurance industry in this State.
S.C. Code Ann. § 38-71-860 — SC Code / Title 38 / Chapter 71 / Article 5 / Section 38-71-860
SECTION 38-71-860. Health status-related factors in relation to individual enrollees and their dependents; restrictions on eligibility rules and premium charges.
Status: in_force

(A)(1) Subject to item (2), a health insurance issuer offering group health insurance coverage in connection with a group health plan, may not establish rules for eligibility, including continued eligibility, of any individual to enroll under the terms of the plan based on any of the following health status-related factors in relation to the individual or a dependent of the individual: (a) health status; (b) medical condition, including both physical and mental illnesses; (c) claims experience; (d) receipt of health care; (e) medical history; (f) genetic information; (g) evidence of insurability, including conditions arising out of acts of domestic violence; (h) disability. (2) To the extent consistent with Sections 38-71-850 and 38-71-1360 and any other applicable state law, item (1) shall not be construed: (a) to require group health insurance coverage to provide particular benefits other than those provided under the terms of such coverage; or (b) to prevent such a plan or coverage from establishing limitations or restrictions on the amount, level, extent, or nature of the benefits or coverage for similarly situated individuals enrolled in the plan or coverage. (3) For purposes of item (1), rules for eligibility to enroll under a plan include rules defining any applicable waiting periods for the enrollment. (B)(1) A health insurance issuer offering health insurance coverage in connection with a group health plan, may not require any individual, as a condition of enrollment or continued enrollment under the plan, to pay a premium or contribution which is greater than the premium or contribution for a similarly situated individual enrolled in the plan on the basis of any health status-related factor in relation to the individual or to an individual enrolled under the plan as a dependent of the individual. (2) To the extent consistent with Sections 38-71-940, 38-71-200, and 38-55-50 and any other applicable state law, nothing in item (1) shall be construed to: (a) restrict the amount that an employer may be charged for coverage under a group health plan under applicable state law; or (b) prevent a group health plan, and a health insurance issuer offering group health insurance coverage, from establishing premium discounts or rebates or modifying otherwise applicable copayments or deductibles in return for adherence to programs of health promotion and disease prevention, in accordance with applicable state law.
S.C. Code Ann. § 38-25-140 — SC Code / Title 38 / Chapter 25 / Article 3 / Section 38-25-140
SECTION 38-25-140. Insurance on out-of-state property by insurer not locally authorized.
Status: in_force

No person may make, negotiate for or place, or aid in negotiating or placing an insurance contract in this State for another who is an applicant for insurance covering any property or risk in another state, territory, or district of the United States with an insurer not authorized to transact insurance business in the state, territory, or district where the property or risk or any part thereof is located.
S.C. Code Ann. § 38-55-100 — SC Code / Title 38 / Chapter 55 / Article 1 / Section 38-55-100
SECTION 38-55-100. Tontine plans prior to May 12, 1947.
Status: in_force

A life insurer, mutual aid association, or fraternal benefit association operating prior to May 12, 1947, on a plan prohibited by SECTION 38-55-90 in this State may continue so to do upon condition that the life insurer, fraternal benefit association, or mutual aid association does not establish its policyholders or members into divisions or classes other than the divisions or classes in this State actually existing on May 12, 1947. However, a life insurer, fraternal benefit association, or mutual aid association is not permitted to operate on an endowment plan unless it has a paid-in capital stock, if a stock company, or a surplus, if a mutual company or fraternal benefit association, of at least fifty thousand dollars.
S.C. Code Ann. § 38-9-450 — SC Code / Title 38 / Chapter 9 / Article 3 / Section 38-9-450
SECTION 38-9-450. Limitation of liability.
Status: in_force

There is no liability on the part of, and no cause of action, shall arise against the director, his designee, the Department of Insurance, or its employees or representatives and agents for any action of any nature taken in the performance of their powers and duties under this article.
S.C. Code Ann. § 38-67-40 — SC Code / Title 38 / Chapter 67 / Section 38-67-40
SECTION 38-67-40. Regulations.
Status: in_force

Notwithstanding any other provision of law, the director or his designee has sole authority to regulate the issuance and sale of variable contracts, and the department has the sole authority to issue any regulations as may be appropriate to carry out the purposes and provisions of this chapter.
S.C. Code Ann. § 38-46-40 — SC Code / Title 38 / Chapter 46 / Section 38-46-40
SECTION 38-46-40. Written contract required between intermediary-broker and insurer it represents; minimum terms contract must provide.
Status: in_force

Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity only may be entered into pursuant to a written contract specifying the responsibilities of each party. The contract, at a minimum, must provide that: (1) The insurer may terminate the reinsurance intermediary-broker's authority at any time. (2) The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the reinsurance intermediary-broker, and remit all funds due to the insurer within thirty days of receipt. (3) Funds collected for the insurer's account must be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank which is a qualified United States financial institution. (4) The reinsurance intermediary-broker shall comply with Section 38-46-50. (5) The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks. (6) The reinsurance intermediary-broker shall disclose to the insurer a relationship with a reinsurer to which business will be ceded or retroceded.
S.C. Code Ann. § 38-33-130 — SC Code / Title 38 / Chapter 33 / Section 38-33-130
SECTION 38-33-130. Security deposit; individual stop-loss coverage; provisions for unpaid claim liability; individual conversion policy.
Status: in_force

(A) Each health maintenance organization shall deposit and maintain with the department cash or securities which qualify as legal investments under the laws of this State for public sinking funds in the amount of three hundred thousand dollars. The director or his designee may require a health maintenance organization to make deposits in excess of the amount specified in this section if in his opinion the additional deposits are necessary for the protection of enrollees and the public. All income from deposits must belong to the depositing organization and must be paid to it as it becomes available. A health maintenance organization that has made a security deposit may withdraw that deposit or part of it after making a substitute deposit of cash, securities, or a combination of these of equal amount and value. Securities must be approved by the director or his designee before being substituted. The return of cash or securities deposited with the department by a health maintenance organization pursuant to this section is governed by Section 38-9-150. (B) Each health maintenance organization shall require every provider who participates in the health maintenance organization and furnishes health care services to the health maintenance organization's enrollees to execute an agreement not to bill the enrollees or otherwise hold the enrollees financially responsible for services rendered. Provided, an employing entity may execute one agreement on behalf of the employing entity and all of its providers. An employing entity may also execute one participation agreement and one of other similar required forms on behalf of the employing entity and all of its providers. The provider's agreement must be given on forms prescribed or approved by the director or his designee, shall extend to all services furnished to the enrollee during the time he was enrolled in the health maintenance organization, and shall apply even where the provider or employing entity had not been paid by the health maintenance organization. (C) A health maintenance organization shall procure and maintain a policy of individual excess stop-loss coverage provided by an insurance company licensed by the State. The policy also must include provisions to cover all incurred, unpaid claim liability in the event of the termination of the health maintenance organization due to insolvency or otherwise. In addition, the director or his designee may require that the policy provide that the insurer will issue an individual policy to an enrollee upon termination of the health maintenance organization or the ineligibility of the enrollee for further coverage in the health maintenance organization.
S.C. Code Ann. § 38-90-180 — SC Code / Title 38 / Chapter 90 / Article 1 / Section 38-90-180
SECTION 38-90-180. Applicability of provisions relating to insurance reorganizations, receiverships, and injunctions; sponsored captive insurance company assets and capital provisions.
Status: in_force

(A) Except as otherwise provided in this section, the terms and conditions set forth in Chapters 26 and 27 of this title pertaining to insurance reorganizations, receiverships, and injunctions apply in full to captive insurance companies formed or licensed under this chapter. (B) In the case of a sponsored captive insurance company: (1) the assets of the protected cell may not be used to pay expenses or claims other than those attributable to the protected cell; and (2) its capital and surplus at all times must be available to pay expenses of or claims against the sponsored captive insurance company and may not be used to pay expenses or claims attributable to a protected cell. (3) Notwithstanding another provision of law or regulation, upon an order of conservation, rehabilitation, or liquidation of a sponsored captive insurance company, the receiver shall deal with the sponsored captive insurance company's assets and liabilities, including protected cell assets and protected cell liabilities, pursuant to the requirements of this chapter. Effect of Amendment 2014 Act No. 282, SECTION 18, added subsection (B)(3). 2018 Act No. 251, SECTION 1, reenacted the section with no apparent changes.
S.C. Code Ann. § 38-73-1300 — SC Code / Title 38 / Chapter 73 / Article 11 / Section 38-73-1300
SECTION 38-73-1300. Application for modification by fire or inland marine insurer.
Status: in_force

A member of or subscriber to a rating organization to whom the provisions of Article 3 of this chapter are applicable may make written application to the director or his designee for permission to file a modification from the class loss costs, schedules, rating plans, or rules respecting any kind of insurance or class of risk within a kind of insurance or any combination of them. The application must specify the basis for the modification. A copy of the application must be sent simultaneously to the rating organization.
S.C. Code Ann. § 38-43-110 — SC Code / Title 38 / Chapter 43 / Article 1 / Section 38-43-110
SECTION 38-43-110. Renewal of license; conditions; lapse; request for military waiver.
Status: in_force

(A) A producer's license continues on a biennial basis unless revoked or suspended subject to the following requirements: (1) an individual producer license must be renewed by the last day of the licensee's month of birth based on the producer's year of birth as provided for in regulation; (2) an individual producer license may not be renewed unless the continuing education requirements of Section 38-43-106 are met; and (3) an individual producer license may not be renewed unless the biennial license renewal fee is paid as provided in Section 38-43-80. (B) A producer who allows his license to lapse for failure to comply with Section 38-43-106, within six months from the compliance deadline, may reinstate the same license if continuing education requirements have been met and a penalty fee set forth by regulation is paid. (C) A licensed insurance producer who is unable to comply with license renewal procedures due to active military service or some other extenuating circumstance (e.g., a long-term medical disability) may request a waiver of those procedures. The producer also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
S.C. Code Ann. § 38-55-590 — SC Code / Title 38 / Chapter 55 / Article 5 / Section 38-55-590
SECTION 38-55-590. Annual report by Director of Insurance Fraud Division in Office of Attorney General to General Assembly.
Status: in_force

The Director of the Insurance Fraud Division in the Office of the Attorney General shall annually report to the General Assembly regarding: (A) the status of matters reported to the division, if not privileged information by law; (B) the number of allegations or reports received; (C) the number of matters referred to the State Law Enforcement Division for investigation; (D) the outcome of all investigations and prosecutions under this article, if not privileged by law; (E) the total amount of fines levied by the court and paid to or deposited by the division; and (F) patterns and practices of fraudulent insurance transactions identified in the course of performing its duties. The director shall also periodically report this information to insurers transacting business in this State, health maintenance organizations transacting business in this State, and other persons, including the State of South Carolina, which provide benefits for health care in this State, whether these benefits are administered directly or through a third person.
S.C. Code Ann. § 38-27-70 — SC Code / Title 38 / Chapter 27 / Article 1 / Section 38-27-70
SECTION 38-27-70. Injunctions and orders.
Status: in_force

(A)(1) A receiver appointed in a proceeding under this chapter may at any time apply for, and a court of general jurisdiction may grant, restraining orders, preliminary and permanent injunctions, and other orders considered necessary and proper to prevent: (a) the transaction of further business; (b) the transfer of property; (c) interference with the receiver or with a proceeding under this chapter; (d) waste of the insurer's assets; (e) dissipation and transfer of bank accounts; (f) the institution or further prosecution of any actions or proceedings; (g) the obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets, or its policyholders; (h) the levying of execution against the insurer, its assets, or its policyholders; (i) the making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer; (j) the withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or (k) any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors, or shareholders, or the administration of any proceeding under this chapter. (2) The receiver may apply to any court outside of the State for the relief described in this subsection. (B) After the seventh day following the commencement of a delinquency proceeding involving an insurer-member domiciled in this State, the insurer-member's FHLB must not be stayed or prohibited from exercising its rights regarding collateral pledged by that insurer-member. The provisions of this subsection apply notwithstanding another provision of this chapter. Effect of Amendment 2016 Act No. 190, SECTION 3, redesignated former (a) as (A)(1); redesignated former (a)(1) through (a)(11) as (a) through (k); redesignated former (b) as (a)(2); added (B); and made other nonsubstantive changes.
S.C. Code Ann. § 38-73-500 — SC Code / Title 38 / Chapter 73 / Article 5 / Section 38-73-500
SECTION 38-73-500. Merit rating for workers' compensation insurance; credit; testing.
Status: in_force

(A) For the purpose of uniformity and equality the director or his designee shall approve a system of merit rating for use in the writing of workers' compensation insurance. No system of merit rating except the one so approved may be used. (B) This system of merit rating shall include a credit of at least five percent for an insured who participates in a program designed to prevent the use of drugs or alcoholic beverages on the job by employees of the insured. The credit must be actuarially sound and filed with the director or his designee. However, if the director determines that a credit of at least five percent is not actuarially sound, the director shall allow and order a credit of less than five percent which is actuarially sound. The director or his designee shall provide for certification of an employer drug prevention program and shall promulgate regulations for the implementation of this subsection including, but not limited to, the establishment of guidelines or a plan defining a qualified employer drug prevention program eligible for the credit which shall be used by the insurer unless the insurer has established its own guidelines or plan. In the establishment of guidelines or a plan by the director or insurer concerning a qualified drug prevention program eligible for the credit, the guidelines or plan shall include the policy statement and employee notification requirement pursuant to Section 41-1-15. (C) The testing procedure established by the insurer, employer, or his designee, or, approved by the director, must include a provision for random sampling of all persons who receive wages and compensation in any form from the employer. If a second test is administered, the testing procedure may allow for a single sample to be split for use in the first and second tests. Positive test results must be provided in writing to the employee within twenty-four hours of the time the employer receives the test results. Each employer must keep records of each test for up to one year. Effect of Amendment 2014 Act No. 197, SECTION 1, in subsection (C), substituted "If a second test is administered, the testing procedure may allow for a single sample to be split for use in the first and second tests" for "and must provide for a second test to be administered within thirty minutes of the administration of the first test".
S.C. Code Ann. § 38-53-230 — SC Code / Title 38 / Chapter 53 / Section 38-53-230
SECTION 38-53-230. Professional bondsmen to supply list of runners; termination of appointment.
Status: in_force

Every person licensed as a professional bondsman may appoint as runner any person who has been issued a runner's license. Each bondsman shall before July second of each year furnish to the clerk of court of each county where he is doing business and the director or his designee a list of all runners appointed by him. Each bondsman who, subsequent to the filing of this list, appoints additional persons as runners shall file written notice with the clerk of court of each county where he is doing business and the director or his designee of the appointment. A bondsman terminating the appointment of a runner shall file written notice of the termination with the clerk of court and the director or his designee together with a statement that he has given or mailed notice to the runner. Notice filed with the clerk of court and the director or his designee shall state the reasons, if any, for termination. Information so furnished the director or his designee is privileged and may not be used as evidence in any action against the bondsman.
S.C. Code Ann. § 38-53-95 — SC Code / Title 38 / Chapter 53 / Section 38-53-95
SECTION 38-53-95. Address requirements for bondsman or runner license.
Status: in_force

(A) If an individual applies for a professional or surety bondsman or runner license, he shall supply the department his business, email, mailing, and residential street addresses. The bondsman or runner also shall notify the department within thirty days of any change in legal name or any of these addresses. (B) Failure to inform the director or his designee of a change in legal name or addresses within thirty days is a violation of this title and the bondsman or runner is subject to the penalties provided in Section 38-2-10.
S.C. Code Ann. § 38-43-740 — SC Code / Title 38 / Chapter 43 / Article 6 / Section 38-43-740
SECTION 38-43-740. Compensation.
Status: in_force

A travel retailer, whose insurance-related activities are limited to offering and disseminating travel insurance on behalf of and under the direction of a limited lines travel insurance producer, may receive compensation for these activities upon registration by the limited lines travel insurance producer as provided in Section 38-43-730(A)(2). Effect of Amendment 2021 Act No. 50, SECTION 3, reenacted the section with no apparent changes.
S.C. Code Ann. § 38-78-100 — SC Code / Title 38 / Chapter 78 / Section 38-78-100
SECTION 38-78-100. Director empowered to enforce chapter; request for hearing; enforcement actions; civil penalties.
Status: in_force

(A) The director may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce the provisions of this chapter and protect service contract holders in this State. Upon request of the director, the provider shall make all accounts, books, and records concerning service contracts sold by the provider available to the director which are necessary to enable the director to reasonably determine compliance or noncompliance with this chapter. (B) The director may take action which is necessary or appropriate to enforce the provisions of this chapter and the director's regulations and orders and to protect service contract holders in this State. If a service contract provider violates a provision of this chapter, a regulation promulgated under this chapter, or an order issued by the director, the director may: (1) order the service contract provider to cease and desist from committing the violation; (2) issue an order prohibiting a service contract provider from selling or offering for sale service contracts; (3) issue an order imposing a civil penalty; or (4) any combination of these. (C) A person aggrieved by an order issued under this section may request a hearing before the director. The hearing request must be filed with the director within twenty days of the date the director's order is effective. Pending the hearing and the decision by the director, the director shall suspend the effective date of the order. At the hearing, the burden is on the director to show why the order issued pursuant to this section is justified. If the issuance of the order is upheld by the director, the person may file an appeal with the Administrative Law Court. (D) The director may bring an action under the Administrative Law Court or in circuit court for an injunction or other appropriate relief to enjoin threatened or existing violations of this chapter or of the director's orders or regulations. An action filed under this section may also seek restitution on behalf of persons aggrieved by a violation of this chapter or orders or regulations of the director. (E) A person in violation of this chapter or an order or regulation of the director may be assessed a civil penalty not to exceed one thousand dollars per violation and no more than ten thousand dollars in the aggregate for all violations of a similar nature; provided, however, that if a person is found by a court of competent jurisdiction to have been in wilful violation of this chapter or an order or regulation of the director, then such person is subject to a penalty of one thousand dollars per violation with no aggregate limit. For purposes of this section, violations of a similar nature, which are considered technical and unintentional by the Department of Insurance lacking the requisite wilful intent, are subject to the ten thousand dollar aggregate penalty limit and are defined as a violation which consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the act, conduct, or practice which is determined to be a violation of this chapter occurred. (F) The authority of the director under this section is in addition to other authority of the director as provided by law.
S.C. Code Ann. § 38-77-1160 — SC Code / Title 38 / Chapter 77 / Article 11 / Section 38-77-1160
SECTION 38-77-1160. Violations and penalties.
Status: in_force

Any person who violates the provisions of this article is guilty of a misdemeanor and upon conviction must be fined not more than three thousand dollars or imprisoned for not more than two years, or both.
S.C. Code Ann. § 38-83-120 — SC Code / Title 38 / Chapter 83 / Section 38-83-120
SECTION 38-83-120. Basis for rate increase; contribution to financial requirements of the association.
Status: in_force

After the initial year of operation, rates, rating plans, and rating rules, and any provision for recoupment through policyholder assessment or premium rate increase must be based upon the association's loss and expense experience and investment income, together with any other information based upon this experience and income as the director or his designee considers appropriate. The resultant premium rates must be on an actuarially sound basis and must be calculated to be self-supporting. If sufficient funds are not available for the sound financial operation of the association, pending recoupment as provided in Section 38-83-110, all members, on a temporary basis, shall contribute to the financial requirements of the association in the manner provided for in Section 38-83-130. Any such contribution must be reimbursed to the members following recoupment as provided in Section 38-83-110.
S.C. Code Ann. § 38-53-60 — SC Code / Title 38 / Chapter 53 / Section 38-53-60
SECTION 38-53-60. Arrest of defendant.
Status: in_force

For the purpose of surrendering the defendant, the surety may arrest him before the forfeiture of the undertaking or, by his written authority endorsed on a certified copy of the undertaking, may request any judicial officer to order the arrest of the defendant by the surety.
S.C. Code Ann. § 38-59-260 — SC Code / Title 38 / Chapter 59 / Article 2 / Section 38-59-260
SECTION 38-59-260. Application of requirements of article.
Status: in_force

The requirements of this article do not apply to claims that are processed under any national account delivery program in which an insurer participates but is not solely responsible for the processing and payment of the claims, or claims for services under a program offered or sponsored by any state or federal governmental entity other than in its capacity as an employer, or both.
S.C. Code Ann. § 38-33-300 — SC Code / Title 38 / Chapter 33 / Section 38-33-300
SECTION 38-33-300. Liability for participation in quality of care or utilization review.
Status: in_force

There may be no monetary liability on the part of, and no cause of action may arise against, any person who participates in quality of care or utilization reviews by a peer review committee established in accordance with regulations of the department under Section 38-33-40(A)(2) for any act performed during such reviews, provided such person acts in good faith and without malice, has made a reasonable effort to obtain the facts of the matter, and reasonably believes that the action taken is warranted by the facts.
S.C. Code Ann. § 38-97-80 — SC Code / Title 38 / Chapter 97 / Section 38-97-80
SECTION 38-97-80. Application for license; renewal; fee.
Status: in_force

(A) A sworn application for a license under this chapter must be made to and filed with the department on forms prescribed by the department. (B) An application required under subsection (A) must provide the: (1) location of the home office of the applicant; and (2) name, residential address, and other information required by the department for: (a) an employee or officer of the vendor who is designated by the applicant as the person responsible for the compliance of the vendor with the requirements of this chapter; and (b) all of its officers, directors, and shareholders of record having a beneficial ownership of ten percent or more of any class of securities registered under federal securities law, but only if the vendor derives more than fifty percent of its revenue from the sale of portable electronics insurance. (3) Any changes to information provided to the department under this section, must be provided to the department within thirty days of that change being made. (C) Any vendor engaging in portable electronics insurance transactions on or before the effective date of this act must apply for licensure within ninety days after the application being made available by the department. Any applicant commencing operations after the effective date of this act must obtain a license prior to offering portable electronics insurance. (D) A licensee must renew a license issued pursuant to this chapter biennially before August first of every odd-numbered year. If a license is not renewed as required by this section, the license must be canceled. A licensee may reinstate the same license within six months after the compliance deadline by paying the renewal fee and a reinstatement fee equal to the renewal fee. (E)(1) A vendor of portable electronics insurance licensed under this chapter shall pay to the department a fee of one thousand dollars for an initial portable electronics insurance license and five hundred dollars for a renewal. (2) The department shall retain any fee or surcharge imposed by this section to use for the administration of Title 38.
S.C. Code Ann. § 38-57-120 — SC Code / Title 38 / Chapter 57 / Section 38-57-120
SECTION 38-57-120. Unfair discrimination in life insurance, annuities, and disability insurance prohibited.
Status: in_force

(1) No person may make or permit any unfair discrimination between individuals of the same class and equal expectation of life in the rates charged for any contract of life insurance or of life annuity or in the dividends or other benefits payable thereon or in any other of the terms and conditions of the contract. (2) No person may make or permit any unfair discrimination between individuals of the same class and of essentially the same hazard in the amount of premium, policy fees, or rates charged for any policy or contract of disability insurance or in the benefits payable thereunder or in any of the terms or conditions of the contract or in any other manner.
S.C. Code Ann. § 38-79-240 — SC Code / Title 38 / Chapter 79 / Article 3 / Section 38-79-240
SECTION 38-79-240. Plans to be binding on members of association.
Status: in_force

Every member of the association is bound by the approved plan of operation of the association, including any amendments made, and by any other rules the board of directors of the association lawfully prescribes. Effect of Amendment 2019 Act No. 67, SECTION 1, substituted "association" for "Association" in three places, and inserted ", including any amendments made,".
S.C. Code Ann. § 38-75-790 — SC Code / Title 38 / Chapter 75 / Article 9 / Section 38-75-790
SECTION 38-75-790. Nonrenewal of homeowners insurance.
Status: in_force

No insurer may nonrenew a policy of homeowners insurance because the insured has filed a claim with that insurer for damages resulting from an act of God.
S.C. Code Ann. § 38-9-140 — SC Code / Title 38 / Chapter 9 / Article 1 / Section 38-9-140
SECTION 38-9-140. Principal of deposited securities.
Status: in_force

When the principal of any securities deposited under Sections 38-9-80 to 38-9-140 is paid to the director or his designee, he shall pay the money so received to the company. However, if the securities were required to be deposited under Section 38-9-80 the payment may not be made until the company deposits an equal amount of other securities of the character required for similar deposits. If the company fails to deliver to the director or his designee within thirty days after receiving notice of this requirement the securities necessary to maintain its required deposit, he may invest the money in other securities of the required character and hold the same as he held those which were paid.
S.C. Code Ann. § 38-43-470 — SC Code / Title 38 / Chapter 43 / Article 3 / Section 38-43-470
SECTION 38-43-470. Agreements not subject to Section 38-55-50; producer or agency presumed to be acting in own right.
Status: in_force

(A) Agreements or arrangements for the advancing of insurance premiums by an insurance producer, agency, or producer of record under this article are not subject to Section 38-55-50, relating to the incorporation of collateral agreements effecting the insurance into the policies or contracts of insurance so affected. (B) A producer or agency which, pursuant to this article, advances premiums in behalf of an insured or applicant for insurance to an insurer for which the producer or agency is licensed is conclusively presumed to be acting in his or its own right and for the protection of his or its own financial interests with respect to the lien provided in this article. No request by the producer or agency to the insurer to cancel a policy, nor the assertion or perfection of the lien by the producer or agency, is considered to create a conflict in interest nor is any act of a producer, agency, or producer of record in causing cancellation of a policy because of the default of the insured in his obligation or in asserting or perfecting the lien void or voidable because of a claimed conflict in interest.
S.C. Code Ann. § 38-71-242 — SC Code / Title 38 / Chapter 71 / Article 1 / Section 38-71-242
SECTION 38-71-242. Specified disease insurance policies; payment of claims and benefits.
Status: in_force

(A)(1) When used in any individual or group specified disease insurance policy in connection with the benefits payable for goods or services provided by any health care provider or other designated person or entity, the terms "actual charge", "actual charges", "actual fee", or "actual fees" shall mean the amount that the health care provider or other designated person or entity: (a) agreed to accept, pursuant to a network or other agreement with a health insurer, third-party administrator, or other third-party payor, as payment in full for the goods or services provided to the insured; (b) agreed or is obligated by operation of law to accept as payment in full for the goods or services provided to the insured pursuant to a provider, participation agreement, or supplier agreement under Medicare, Medicaid, or any other government administered health care program, where the insured is covered or reimbursed by such program; or (c) if both subitems (a) and (b) of this subsection apply, the lowest amount determined under these two subitems; and (2) must include any applicable deductibles, coinsurance requirements, or co-pay requirements applicable to the insured under any government administered health care program or any private primary health insurance coverage for the health care provider's goods or services provided to the insured. (B) This section applies to any individual or group specified disease insurance policy issued to any resident of this State that contains the terms "actual charge", "actual charges", "actual fee", or "actual fees" and does not contain an express definition for the terms "actual charge", "actual charges", "actual fee", or "actual fees". (C) Notwithstanding any other provision of law, after the effective date of this section, an insurer or issuer of any individual or group specified disease insurance policy shall not pay any claim or benefits based upon an actual charge, actual charges, actual fee, or actual fees under the applicable policy in an amount in excess of the "actual charge", "actual charges", "actual fee", or "actual fees" as defined in this section.
S.C. Code Ann. § 38-44-60 — SC Code / Title 38 / Chapter 44 / Section 38-44-60
SECTION 38-44-60. Acts of managing general agent as acts of insurer; managing general agent examined as insurer.
Status: in_force

The acts of the MGA are considered to be the acts of the insurer on whose behalf it is acting. A MGA may be examined as if it were the insurer.
S.C. Code Ann. § 38-13-870 — SC Code / Title 38 / Chapter 13 / Article 8 / Section 38-13-870
SECTION 38-13-870. Preparation of ORSA Summary Report; review; requests for information.
Status: in_force

(A) The ORSA Summary Report must be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection (B). Documentation and supporting information must be maintained and made available upon examination or upon request by the director. (B) The review of the ORSA Summary Report and additional requests for information must be made using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups.
S.C. Code Ann. § 38-73-1360 — SC Code / Title 38 / Chapter 73 / Article 11 / Section 38-73-1360
SECTION 38-73-1360. Actuarial, technical, and other services.
Status: in_force

Any rating organization serving insurers to which the provisions of Article 3 of this chapter apply may subscribe for or purchase actuarial, technical, or other services and these services must be available to all insurers who are members and subscribers of the organization without discrimination.
S.C. Code Ann. § 38-90-520 — SC Code / Title 38 / Chapter 90 / Article 3 / Section 38-90-520
SECTION 38-90-520. Requirements and guidelines for asset management.
Status: in_force

In fulfilling its function, the SPFC shall adhere to the following requirements and, to the extent of its powers, shall ensure that contracts obligating other parties to perform certain functions incident to its operations are substantively and materially consistent with the following requirements and guidelines: (1) The assets of a SPFC must be preserved and administered by or on behalf of the SPFC to satisfy the liabilities and obligations of the SPFC incident to the insurance securitization and other related agreements. (2) Assets held by a SPFC in trust must be valued at their fair value. (3) The proceeds from the sale of securities pursuant to the insurance securitization must be deposited with the trustee to the extent required to secure its obligations under the SPFC contract as provided by this article and must be held or invested by the trustee pursuant to the provisions of Section 38-90-530 and the asset management agreement, if any, filed with the department. (4) Assets of the SPFC, other than those held in trust for the counterparty, and income on trust assets received by the SPFC may be used to pay interest or other consideration on any securities or outstanding debt or other obligation of the SPFC, and nothing in this article may be construed or interpreted to prevent a SPFC from entering into a swap agreement or other asset management transaction that has the effect of hedging or guaranteeing the fixed or floating interest rate returns paid on the assets in trust or required for the securities issued by the SPFC generated from or other consideration or payment flows in the transaction. (5) In the SPFC insurance securitization, the contracts or other relating documentation must contain provisions identifying the SPFC. (6) Unless otherwise approved by the director, a SPFC may not: (a) issue or otherwise administer primary insurance policies; (b) enter into a SPFC contract with a person that is not licensed or otherwise authorized to transact the business of insurance or reinsurance in at least its state or country of domicile; (c) assume or retain exposure to insurance or reinsurance losses for its own account that is not funded by proceeds from a SPFC securitization that meets the provisions of this article. However, the SPFC may wholly or partially reinsure or retrocede the risks assumed to a third party reinsurer on terms approved by the director. (7) A SPFC may not: (a) have any direct obligation to the policyholders or reinsureds of the counterparty; (b) lend or otherwise invest, or place in custody, trust, or under management any of its assets with, or to borrow money or receive a loan from, other than by issuance of the securities pursuant to an insurance securitization, or advance from, anyone convicted of a felony, anyone who is untrustworthy or of known bad character, or anyone convicted of a criminal offense involving the conversion or misappropriation of fiduciary funds or insurance accounts, theft, deceit, fraud, misrepresentation, or corruption.
S.C. Code Ann. § 38-71-2040 — SC Code / Title 38 / Chapter 71 / Article 19 / Section 38-71-2040
SECTION 38-71-2040. Health carrier to pay for external review.
Status: in_force

The health carrier shall pay for the external review.
S.C. Code Ann. § 38-46-80 — SC Code / Title 38 / Chapter 46 / Section 38-46-80
SECTION 38-46-80. Acts prohibited of reinsurance intermediary-manager.
Status: in_force

The reinsurance intermediary-manager may not: (1) cede retrocessions on behalf of the reinsurer, except the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for the retrocessions. The guidelines must include a list of reinsurers with which the automatic agreements are in effect and for each reinsurer, the coverages and amounts or percentages that may be reinsured and commission schedules; (2) commit the reinsurer to participate in reinsurance syndicates; (3) appoint a licensed producer without assuring that the licensed producer is licensed lawfully to transact the type of reinsurance for which he is appointed; (4) without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds fifty thousand dollars or one percent of the reinsurer's policyholder's surplus as of December thirty-first of the last completed calendar year, whichever is less; (5) collect payment from a retrocessionaire or commit the reinsurer to a claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be forwarded to the reinsurer within ten days; (6) jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary-manager is under common control with the reinsurer subject to the Insurance Holding Company Regulatory Act; (7) appoint a reinsurance intermediary-submanager.
S.C. Code Ann. § 38-27-60 — SC Code / Title 38 / Chapter 27 / Article 1 / Section 38-27-60
SECTION 38-27-60. Jurisdiction and venue.
Status: in_force

(a) Except as provided in this subsection, no delinquency proceeding may be commenced under this chapter by anyone other than the director or his designee and no court has jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. However, the court may consider the application for receivership of a person other than the director or his designee if the applicant for receivership has proceeded as follows: (1) The applicant for receivership, before presenting his complaint or petition to the court for action thereon, presents a copy thereof to the department for action thereon, as hereinafter set forth, and gives reasonable notice to the insurance company to be affected that a copy has been lodged with the department. (2) The insurance company affected thereby has ten days after the service of the notice within which to lodge with the department a copy of the answer which it proposes to file, and thereupon the director or his designee shall proceed to investigate and within a reasonable time determine the merits of the application for receivership and shall fix a time for the hearing of the investigation of the matters involved in the petition or complaint. (3) The director or his designee, after completing the investigation, shall recommend to the court that the receiver be or not be appointed. The court shall then consider the application for a receiver. (b) No court of this State has jurisdiction to entertain, hear, or determine any complaint praying for the dissolution, liquidation, rehabilitation, sequestration, conservation, or receivership of an insurer or praying for an injunction or restraining order or other relief preliminary to, incidental to, or relating to the proceedings other than in accordance with this chapter. (c) Whenever the director or his designee finds that any of the grounds for rehabilitation or liquidation of a domestic or alien insurance company as set forth in Sections 38-27-310 and 38-27-360 exists, he may apply to the circuit court for an order directing the company to show cause by a designated date why a receiver should not be appointed for the company or why an order should not be entered authorizing the department to proceed with the delinquency proceedings of the company or to take any other appropriate steps authorized in this chapter. The application and order may include any other relief the nature of the case and the interests of the policyholders, creditors, stockholders, and members of the company and of the public may require. A copy of the application and the order to show cause must be served upon the company by registered or certified mail and constitutes legal process in lieu of any summons or process otherwise provided by law. (d) In addition to other grounds for jurisdiction provided by the law of this State, a court of this State having jurisdiction of the subject matter in an action brought by the receiver of a domestic insurer or an alien insurer domiciled in this State has jurisdiction over a person served with process by registered or certified mail: (1) if the person served is obligated to the insurer in any way as an incident to any agency or brokerage arrangement that may exist or has existed between the insurer and the agent or broker, in any action on or incident to the obligation; (2) if the person served is a reinsurer who has at any time written a policy of reinsurance for an insurer against which a rehabilitation or liquidation order is in effect when the action is commenced, or is an agent or broker of or for the reinsurer, in any action on or incident to the reinsurance contract; or (3) if the person served is or has been an officer, manager, trustee, organizer, promoter, or person in a position of comparable authority or influence in an insurer against which a rehabilitation or liquidation order is in effect when the action is commenced, in any action resulting from such a relationship with the insurer. (e) If the court on motion of any party finds that any action should as a matter of substantial justice be tried in a forum outside this State, the court may enter an appropriate order to stay further proceedings on the action in this State. (f) All actions herein authorized shall be brought in the Court of Common Pleas for Richland County.
S.C. Code Ann. § 38-73-120 — SC Code / Title 38 / Chapter 73 / Article 1 / Section 38-73-120
SECTION 38-73-120. Hearing as prerequisite to imposition of penalty or suspension of license.
Status: in_force

No penalty may be imposed and no license may be suspended or revoked except upon a written order of the director or his designee, stating his findings, made after a hearing held upon not less than thirty days' written notice to the person or organization specifying the alleged violation.
S.C. Code Ann. § 38-7-200 — SC Code / Title 38 / Chapter 7 / Section 38-7-200
SECTION 38-7-200. Credit against premium tax.
Status: in_force

(A) A licensed insurer providing full property and casualty coverage, to specifically include wind and hail coverage, to property owners within the area defined in Section 38-75-310(5), including any portion of the area as it may be expanded from time to time pursuant to Section 38-75-460, may claim as a nonrefundable credit against the premium tax imposed by Sections 38-7-20 and 38-7-40 in an amount equal to twenty-five percent of the tax that otherwise is due on the premium written for the property owners for the taxable year. (B) The credit allowed by this section is available only to an insurer licensed or authorized to do business in this State with respect to a property and casualty insurance policy providing full coverage as defined in subsection (A). (C) A licensed insurer who claims the credit allowed by this section shall provide information required by the Department of Insurance to demonstrate that the taxpayer is eligible for the credit and that the amount paid for premiums for which the credit is claimed was not excluded from the licensed insurer's gross income for the taxable year. (D) The tax credit allowed under this section for a taxable year may be claimed only once for any one structure, regardless of the number of policies written on the structure. (E) The department shall take the action necessary to monitor and examine the use of the credits claims under this section. Effect of Amendment 2014 Act No. 191, SECTION 2, deleted former subsection (F), relating to the application of the section.
S.C. Code Ann. § 38-81-260 — SC Code / Title 38 / Chapter 81 / Article 3 / Section 38-81-260
SECTION 38-81-260. Legal professional liability insurance coverage by association.
Status: in_force

Upon the activation of the plan of operation, any attorney licensed in this State is entitled to apply to the association for coverage. The application may be made on behalf of the applicant by a licensed agent or broker authorized in writing by the applicant. If the association determines that the applicant meets the underwriting standards of the association as set forth in the approved plan of operation and there is no unpaid, uncontested premium due from the applicant for any prior insurance of the same kind, the association, upon receipt of the premium, or a portion thereof as prescribed by the plan of operation, shall cause to be issued a policy of legal professional liability insurance for a term of one year. The rates, rating plans, rating rules, rating classifications, territories, and policy forms applicable to insurance written by the association and the statistical and experience data relating thereto are subject to this act and to those provisions of Chapter 73, Title 38, Code of Laws of South Carolina, 1976, which are not inconsistent with this article.
S.C. Code Ann. § 38-69-280 — SC Code / Title 38 / Chapter 69 / Article 5 / Section 38-69-280
SECTION 38-69-280. Maturity date under certain contracts.
Status: in_force

For the purpose of determining the benefits calculated under SECTIONS 38-69-260 and 38-69-270, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date is considered to be the latest date for which election is permitted by the contract but may not be considered to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
S.C. Code Ann. § 38-81-230 — SC Code / Title 38 / Chapter 81 / Article 3 / Section 38-81-230
SECTION 38-81-230. Joint underwriting association created.
Status: in_force

(A) A joint underwriting association is created, consisting of all insurers authorized to write within this State, on a direct basis, bodily injury liability insurance, other than automobile bodily injury liability insurance, homeowners liability insurance, and farmowners liability insurance, including insurers covering such peril in multiple peril package policies. Every such insurer is and must remain a member of the association as a condition of its authority to continue to transact this kind of insurance in this State. (B) The purpose of the association is to provide legal professional liability insurance on a self-supporting basis to the fullest extent possible. (C) The association is activated when the department finds and declares the existence of an emergency because of the unavailability of legal professional liability insurance or the unavailability of such insurance on a reasonable basis through normal channels.
S.C. Code Ann. § 38-35-50 — SC Code / Title 38 / Chapter 35 / Section 38-35-50
SECTION 38-35-50. Examinations.
Status: in_force

A mutual association is subject to any examination by the director or his designee which will enable him to determine that it has complied with the state insurance laws.
S.C. Code Ann. § 38-38-530 — SC Code / Title 38 / Chapter 38 / Article 11 / Section 38-38-530
SECTION 38-38-530. Renewal of licenses; fees; license as prima facie evidence.
Status: in_force

The authority of a fraternal benefit association authorized to transact business in this State which complies with this chapter terminates the last day of February. However, a license continues in effect until a new license is issued or specifically refused. For each license or renewal the association shall pay the department one thousand dollars every two years. However, if the association has less than two hundred members, it shall pay the department a fee of one hundred dollars every two years for its license or renewal. A certified copy or duplicate of the license is prima facie evidence that the licensee is a fraternal benefit association within the meaning of this chapter.
S.C. Code Ann. § 38-63-650 — SC Code / Title 38 / Chapter 63 / Article 5 / Section 38-63-650
SECTION 38-63-650. Operative date of article.
Status: in_force

An insurer may file with the department a written notice of its election to comply with the provisions of this article after a specified date before January 1, 1966. After the filing of the notice, then upon the specified date, which shall be the operative date for that insurer, this article becomes operative with respect to the policies thereafter issued by the insurer. If an insurer makes no election, the operative date of this article for that insurer is January 1, 1966.
S.C. Code Ann. § 38-21-220 — SC Code / Title 38 / Chapter 21 / Section 38-21-220
SECTION 38-21-220. Disclaimer of affiliation.
Status: in_force

A person may file with the department a disclaimer of affiliation with an authorized insurer or a disclaimer may be filed by an insurer or a member of an insurance holding company system. The disclaimer fully shall disclose all material relationships and bases for affiliation between the person and the insurer as well as the basis for disclaiming this affiliation. A disclaimer of affiliation must be considered to have been granted unless the director or his designee, within thirty days following receipt of a complete disclaimer, notifies the filing party the disclaimer is disallowed. In the event of a disallowance, the disclaiming party may request an administrative hearing, which the department must grant. The disclaiming party must be relieved of its duty to register under Sections 38-21-130 through 38-21-240 if approval of the disclaimer is granted by the director or his designee, or if the disclaimer is considered approved. Effect of Amendment 2015 Act No. 2, SECTION 11, rewrote the section.
S.C. Code Ann. § 38-43-660 — SC Code / Title 38 / Chapter 43 / Article 5 / Section 38-43-660
SECTION 38-43-660. Employees or agents of owner authorized to act.
Status: in_force

(A) The employee or agent of an owner who is a licensee may act individually on behalf, and under the supervision of, the owner-licensee with respect to providing coverage for which the licensee is authorized to provide, but only if the owner instructs the employee or agent about the kinds of insurance sold pursuant to the owner's license. (B) The provisions of this chapter do not prohibit: (1) the payment or receipt of a commission for the sale of insurance that the licensee is authorized to sell; and (2) the payment of a bonus, incentive payment, or compensation by a licensee to his employee or agent; provided, however, that these payments may not be made based on the completion of a sale of insurance coverage.
S.C. Code Ann. § 38-87-90 — SC Code / Title 38 / Chapter 87 / Section 38-87-90
SECTION 38-87-90. Purchase of insurance from nonstate chartered group or nonstate admitted insurer; notice requirements; deductible or self-insured retention not permitted; aggregate limits on purchase.
Status: in_force

(A) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of that state. (B) A purchasing group which obtains liability insurance from an approved surplus lines insurer not admitted in this State or a risk retention group shall inform each of the members of the group which has a risk resident or located in this State that the risk is not protected by an insurance insolvency guaranty fund in this State and that the risk retention group or the insurer may not be subject to all insurance laws and regulations of this State. (C) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole. However, coverage may provide for a deductible or self-insured retention applicable to individual members. (D) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.
S.C. Code Ann. § 38-51-10 — SC Code / Title 38 / Chapter 51 / Section 38-51-10
SECTION 38-51-10. Administrator defined.
Status: in_force

As used in this chapter, "administrator" means any person who collects charges or premiums from, or who adjusts or settles claims on, residents of this State in connection with life or health insurance coverage or annuities other than: (1) an employer on behalf of its employees or the employees of one or more subsidiaries or affiliated corporations of an employer; (2) a union on behalf of its members; (3) an insurer which is either licensed in this State or acting as an insurer with respect to a policy lawfully issued and delivered by it pursuant to the laws of a state in which the insurer was authorized to do insurance business, or a health maintenance organization licensed in this State; (4) a life or health agent or broker licensed in this State whose activities are limited exclusively to the sale of insurance; (5) a creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors; (6) a trust, its trustees, agents, and employees acting thereunder, established in conformity with 29 U.S.C. 186; (7) a trust exempt from taxation under Section 501(a) of the Internal Revenue Code, its trustees, and employees acting thereunder, or a custodian, its agents and employees acting pursuant to a custodian account which meets the requirements of Section 401(f) of the Internal Revenue Code; (8) a bank, credit union, or other financial institution which is subject to supervision or examination by federal or state banking authorities; (9) a credit card issuing company which advances for and collects premiums or charges from its credit card holders who have authorized it to do so if the company does not adjust or settle claims; (10) a person who adjusts or settles claims in the normal course of his practice or employment as an attorney at law and who does not collect charges or premiums in connection with life or health insurance coverage or annuities; or (11) the South Carolina Life and Accident and Health Insurance Guaranty Association and any person who adjusts or settles claims as its employee or agent.
S.C. Code Ann. § 38-43-810 — SC Code / Title 38 / Chapter 43 / Article 6 / Section 38-43-810
SECTION 38-43-810. Licensing requirements for travel administrators for travel insurance.
Status: in_force

(A) Notwithstanding any other provisions of this title, no person may act or represent himself as a travel administrator for travel insurance in this State unless that person: (1) is a licensed property and casualty insurance producer in this State for activities permitted under that producer license; (2) holds a valid managing general agent license in this State; (3) holds a valid third-party administrator license in this State; or (4) holds a valid managing general underwriter license in this State. (B) A travel administrator and its employees are exempt from the licensing requirements of Section 38-47-10 for the travel insurance it administers. (C) An insurer is responsible for the acts of a travel administrator administering travel insurance underwritten by the insurer and is responsible for ensuring that the travel administrator maintains all books and records relevant to the insurer to be made available by the travel administrator to the director upon request.
S.C. Code Ann. § 38-71-1510 — SC Code / Title 38 / Chapter 71 / Article 15 / Section 38-71-1510
SECTION 38-71-1510. Short title.
Status: in_force

This article may be cited as the "Access to Emergency Medical Care Act".
S.C. Code Ann. § 38-45-70 — SC Code / Title 38 / Chapter 45 / Section 38-45-70
SECTION 38-45-70. Effect of broker's license; municipal license fees.
Status: in_force

A broker's license entitles the holder to solicit insurance in any county of this State. However, municipalities may impose license fees in accordance with this title.
S.C. Code Ann. § 38-19-10 — SC Code / Title 38 / Chapter 19 / Article 1 / Section 38-19-10
SECTION 38-19-10. Membership in mutual insurer.
Status: in_force

Any person, government or governmental agency, state or political subdivision of a state, public or private corporation, board, association, estate, trustee, or fiduciary may be a member of a mutual insurer.
S.C. Code Ann. § 38-38-320 — SC Code / Title 38 / Chapter 38 / Article 7 / Section 38-38-320
SECTION 38-38-320. Designation and change of beneficiary; payment of death benefits.
Status: in_force

(A) The owner of a benefit contract has the right at all times to change the beneficiary or beneficiaries in accordance with the bylaws or rules of the society, unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society shall provide that no revocable beneficiary has, or can obtain, a vested interest in the proceeds of a certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract. (B) If at the death of a person insured under a benefit contract there is no lawful beneficiary to whom the proceeds are payable, the amount of the benefit, except to the extent that funeral benefits may be paid as provided in this chapter is payable to the personal representative of the deceased insured. If the owner of the certificate is other than the insured, the proceeds must be paid to that owner.
S.C. Code Ann. § 38-71-1430 — SC Code / Title 38 / Chapter 71 / Article 13 / Section 38-71-1430
SECTION 38-71-1430. Annual public report.
Status: in_force

The board, in consultation with members of the committee, shall study and make a public report each year to the director on the effectiveness of this article. The report shall analyze the effectiveness of the act in promoting rate stability, product availability, and coverage affordability. The report shall include the total number of basic and standard policies sold in the State noting whether these insureds have ever been denied coverage before July 1, 1995. The report shall contain a detailed analysis of the financial condition of the reinsurance pool including losses and assessments by year. The report may contain recommendations for actions to improve the overall effectiveness, efficiency, and fairness of the small group health insurance marketplace. The report shall address whether insurers and agents are fairly marketing or issuing health insurance plans to small employers in fulfillment of the purposes of this article. The report may contain recommendations for market conduct or other regulatory standards or action.
S.C. Code Ann. § 38-27-410 — SC Code / Title 38 / Chapter 27 / Article 5 / Section 38-27-410
SECTION 38-27-410. Notice to creditors and others.
Status: in_force

(a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (1) By first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business. (2) By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation. (3) By first class mail to all insurance agents of the insurer. (4) By first class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at their last known addresses as indicated by the records of the insurer. (5) By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in any other locations the liquidator considers appropriate. (b) Notice to potential claimants under subsection (a) requires claimants to file with the liquidator their claims together with proper proofs thereof under Section 38-27-550 by a date the liquidator specifies in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants have a duty to keep the liquidator informed of any changes of address. (c) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter is conclusive with respect to all claimants, whether or not they received notice.
S.C. Code Ann. § 38-26-10 — SC Code / Title 38 / Chapter 26 / Section 38-26-10
SECTION 38-26-10. Short title.
Status: in_force

This chapter may be cited as the "Administrative Supervision of Insurers Act".
S.C. Code Ann. § 38-69-247 — SC Code / Title 38 / Chapter 69 / Article 5 / Section 38-69-247
SECTION 38-69-247. Minimum nonforfeiture amounts for contracts issued after June 30, 2022.
Status: in_force

(A) This section applies to contracts issued after June 30, 2022, and may be applied by an insurer, on a contract-form-by-contract-form basis, to a contract issued after June 30, 2022. (B) The minimum values as specified in Sections 38-69-250, 38-69-260, 38-69-270, 38-69-280, and 38-69-300 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract must be based upon minimum nonforfeiture amounts as defined in this section. (C) The minimum nonforfeiture amount at any time at or before the commencement of an annuity payment is equal to an accumulation up to that time at a rate of interest as indicated in subsection (E) of the net considerations paid before that time, decreased by the sum of items of (1) through (4): (1) any previous withdrawals from or partial surrenders of the contract accumulated at a rate of interest as indicated in subsection (E); (2) an annual contract charge of fifty dollars, accumulated at a rate of interest as indicated in subsection (E); (3) any premium tax paid by the company for the contract, accumulated at a rate of interest as indicated in subsection (E); and (4) the amount of any indebtedness to the company on the contract, including interest due and accrued. (D) The net considerations for a given contract year used to define the minimum nonforfeiture amount must be an amount equal to eighty-seven and one-half percent of the gross considerations credited to the contract during that contract year. (E)(1) The interest rate used in determining minimum nonforfeiture amounts must be an annual rate of interest determined as the lesser of three percent a year and the following, which must be specified in the contract if the interest rate is reset: (a) the five-year Constant Maturity Treasury Rate reported by the Federal Reserve as of a date, or average over a period, rounded to the nearest 1/20th of one percent, specified in the contract no longer than fifteen months before the contract issue date or redetermination date pursuant to subitem (d); (b) reduced by one hundred twenty-five basis points; (c) where the resulting interest rate is no less than 15 basis points (0.15%); and (d) the interest rate must apply for an initial period and may be redetermined for additional periods. (2) The redetermination date, basis, and period, if any, must be stated in the contract. The basis is the date or average over a specified period that produces the value of the five-year Constant Maturity Treasury Rate to be used at each redetermination date. (F) During the period or term that a contract provides substantive participation in an equity indexed benefit, it may increase the reduction described in subsection (E)(1)(b) by up to an additional one hundred basis points to reflect the value of the equity index benefit. The present value at the contract issue date, and at each redetermination date after that, of the additional reduction must not exceed the market value of the benefit. The director, or his designee, may require a demonstration that the present value of the additional reduction does not exceed the market value of the benefit. If a demonstration is not acceptable to the director, or his designee, he may disallow or limit the additional reduction. (G) The director, or his designee, may adopt rules to implement the provisions of subsection (F) and to provide for further adjustments to the calculation of minimum nonforfeiture amounts for contracts that provide substantive participation in an equity index benefit and for other contracts that the director, or his designee, determines adjustments are justified.
S.C. Code Ann. § 38-45-60 — SC Code / Title 38 / Chapter 45 / Section 38-45-60
SECTION 38-45-60. Accounting of state portion of broker's premium tax rate payment collected; distribution from earmarked fund.
Status: in_force

(A) As soon after December thirty-first of each year as may be convenient, the director or his designee shall render an accounting to the State Treasurer of the state portion of the broker's premium tax rate payment collected showing the counties in which the risk covered by the insurance is located and shall furnish a duplicate of the accounting to the Comptroller General. The Comptroller General shall draw his warrant on the State Treasurer for one-fourth of the state's portion of the broker's premium tax rate payment collected by the department on property insurance, payable to the county treasurer of the county in which the property is located. The county treasurer shall distribute the broker's premium tax collected on property insurance in accordance with the requirements of Sections 23-9-360 and 23-9-470 and Sections 38-7-70 and 38-7-80. (B) As soon as practical after December thirty-first, but no later than July first of each year, the department shall distribute from the special earmarked fund, distinct from the general fund, the municipal portion of the broker's premium tax rate payment collected for the prior tax year in accordance with the requirements of Sections 38-45-20(5) and 38-45-30(4). This amount must be paid to the municipal agent with a full accounting, provided by the department, including, but not limited to, the name and address of the broker, and amount of the broker's premium tax rate payment collected from each broker, and showing the counties in which the risk covered by the insurance is located. The municipal agent shall distribute the funds annually to each municipality with which it contracts based on the data submitted by the department. Code Commissioner's Note At the direction of the Code Commissioner, the reference to "38-45-30(6)" was corrected to reference "38-45-30(4)" to reflect the amendment of Section 38-45-30 by 2016 Act No. 194.
S.C. Code Ann. § 38-73-1040 — SC Code / Title 38 / Chapter 73 / Article 9 / Section 38-73-1040
SECTION 38-73-1040. No disapproval of certain fire, allied lines, or inland marine filings.
Status: in_force

No manual, minimum, or class rate, rating schedule, rating plan, or rating rule of or with respect to fire and allied lines or inland marine insurance, or any modification of the foregoing, which has been filed pursuant to the requirements of Section 38-73-340 may be disapproved if the rates thereby produced meet the requirements of this chapter.
S.C. Code Ann. § 38-71-610 — SC Code / Title 38 / Chapter 71 / Article 3 / Section 38-71-610
SECTION 38-71-610. Notice of premiums due required.
Status: in_force

(1) All insurers issuing accident or health policies, or combinations thereof, in this State, where the premiums on the policies are collected directly by mail on a quarterly, semiannual, or annual basis, shall give a written notice to the policyholders of any premium due on the policies at least ten days prior to the due date. No premium is considered past due on the policies unless the policyholder has been given this notice and the policy remains in full force and effect until the expiration of the ten-day period after notice has been given. In the event the premium is not paid upon first notice at least ten days prior to lapsing of the policy a second notice must be forwarded to the insured. Nothing contained in this section applies to the following kinds of health and accident policies: debit accident insurance, debit health insurance, debit accident and health insurance, group accident and health insurance, franchise accident and health insurance, salaries savings accident and health insurance, credit accident and health insurance, accident and health insurance where premiums are paid by bank draft or preauthorized check service, and blanket insurance. (2) This section may not be construed to relieve any policyholder from paying any premium or portion thereof, nor may it be construed so as to prevent termination for any other valid reason.
S.C. Code Ann. § 38-90-220 — SC Code / Title 38 / Chapter 90 / Article 1 / Section 38-90-220
SECTION 38-90-220. Requirements applicable to sponsors.
Status: in_force

(A) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell. (B) The protected cell assets of a protected cell may not be charged with liabilities arising out of any other business the sponsored captive insurance company may conduct. All contracts or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets are available for the satisfaction of those protected cell liabilities. Under no circumstances may a protected cell be authorized to issue insurance or reinsurance contracts directly to policyholders or reinsureds or have any obligation to the policyholders or reinsureds of the sponsored captive insurance company's general account. (C) The income, gains and losses, realized or unrealized, from protected cell assets and protected cell liabilities must be credited to or charged against the protected cell without regard to other income, gains or losses of the sponsored captive insurance company, including income, gains or losses of other protected cells. Investments must be handled pursuant to Section 38-90-100(B). (D) In all sponsored captive insurance company transactions, the contracts or other documentation effecting the transaction shall contain provisions identifying the protected cell to which the transaction will be attributed. In addition, the contracts or other documentation must clearly disclose that the assets of that protected cell, and only those assets are available to pay the obligations of that protected cell. Notwithstanding the provisions of this subsection and subject to the provisions of this chapter and any other applicable law or regulation, the failure to include such language in the contracts or other documentation may not be used as the sole basis by creditors, reinsurers, or other claimants to circumvent the provisions of this chapter. (E) Assets attributed to a protected cell must be valued at their market value on the date of valuation or if there is no readily available market, as provided in the contract or the rules or other written documentation applicable to the protected cell. (F) At the cessation of business of a protected cell in accordance with the plan approved by the director, the sponsored captive insurance company voluntarily shall close out the protected cell account. Effect of Amendment 2014 Act No. 282, SECTION 20, rewrote the section. 2018 Act No. 251, SECTION 1, reenacted the section with no apparent changes.
S.C. Code Ann. § 38-48-150 — SC Code / Title 38 / Chapter 48 / Section 38-48-150
SECTION 38-48-150. Severability of provisions.
Status: in_force

Any provision of this statute that is deemed to be void, unenforceable, unconstitutional, or illegal by any court of competent jurisdiction shall be deemed severable and shall not affect the constitutionality, enforceability, or legality of the remaining provisions. The remaining provisions shall continue in full force and effect.
S.C. Code Ann. § 38-19-420 — SC Code / Title 38 / Chapter 19 / Article 5 / Section 38-19-420
SECTION 38-19-420. Contingent liability is not an asset of the insurer.
Status: in_force

The contingent liability of members of a domestic mutual insurer to assessment does not constitute an asset of the insurer in the determination of its financial condition.
S.C. Code Ann. § 38-38-510 — SC Code / Title 38 / Chapter 38 / Article 11 / Section 38-38-510
SECTION 38-38-510. Standards of valuation for certificates; maintenance of excess reserves.
Status: in_force

(A) Standards of valuation for certificates issued before the effective date of this chapter are those provided by the laws applicable immediately before the effective date of this chapter. (B) The minimum standards of valuation for certificates issued on or after the effective date of this chapter are based upon the tables, valuation methods and standards, including interest assumptions, specified in the laws of this State applicable to life and health insurers issuing policies containing like benefits. (C) The director or his designee may, in his discretion, accept other standards for valuation if he finds that the reserves produced will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The director or his designee may, in his discretion, vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by a society authorized to do business in this State. (D) A society, with the consent of the director of insurance, or similar official, of the state of domicile of the society and under conditions, if any, which the director may impose, may establish and maintain reserves on its certificates in excess of the required reserves, but the contractual rights of a benefit member shall not be affected.
S.C. Code Ann. § 38-14-160 — SC Code / Title 38 / Chapter 14 / Section 38-14-160
SECTION 38-14-160. Exemption from guaranty fund contributions or guaranty associations.
Status: in_force

(A) The SPRV or the activities, assets, and obligations relating to the SPRV are not subject to the provisions of Chapters 29 and 31, and a SPRV must not be assessed by or otherwise be required to contribute to any guaranty fund or guaranty association in this State with respect to the activities, assets, or obligations of a SPRV or the ceding insurer. (B) The SPRV must not be required to participate in residual market, FAIR plan, or other similar plans to provide insurance coverage, take out policies, assume risks, make capital contributions, pay, or be otherwise obligated for assessments, surcharges or fees, or otherwise support or participate in such plans or arrangements.
S.C. Code Ann. § 38-90-70 — SC Code / Title 38 / Chapter 90 / Article 1 / Section 38-90-70
SECTION 38-90-70. Reports.
Status: in_force

(A) A captive insurance company may not be required to make an annual report except as provided in this chapter. The director has the authority to waive or grant an extension to the requirements of this section. (B)(1) A captive insurance company shall submit annually to the director a report of its financial condition, verified by oath of two of its executive officers. The report must be submitted no later than March first for risk retention groups and no later than July first for all other captive insurance companies. (2) A captive insurance company, other than a risk retention group, may make a written application to file the annual report on a fiscal year end that is consistent with the parent company's fiscal year end. If an alternative date is granted, the: (a) income statement and premium schedule of the annual report must be filed before March first of each year for each calendar year-end, verified by oath of two of its executive officers; and (b) entire annual report must be filed no more than one-hundred-eighty days after the fiscal year end, except as otherwise approved by the director. (C) In addition to the annual report, a branch captive insurance company shall file with the director a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien or foreign captive insurance company is formed, verified by oath of two of its executive officers. The reports and statements of the alien or foreign captive insurance company must be submitted within one-hundred-eighty days after the fiscal year end of the alien or foreign captive insurance company except as otherwise approved by the director. If the director finds that the reports and statements filed by the alien or foreign captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien or foreign captive insurance company to satisfy the laws of this State, the director may waive the requirement for completion of the Captive Annual Report for business written in the alien or foreign jurisdiction. (D) Except as provided in Section 38-90-40, a captive insurance company shall report using generally accepted accounting principles, unless the director approves the use of statutory accounting principles, with useful or necessary modifications or adaptations required or approved or accepted by the director for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the director. Except as otherwise provided, an association captive insurance company, an industrial insured group, and a risk retention group shall file its report in the form and manner required by Section 38-13-80, and each industrial insured group and each risk retention group shall comply with the requirements provided for in Section 38-13-85. The director by regulation shall prescribe the forms in which all other captive insurance companies shall report. Information submitted pursuant to this section is confidential as provided in Section 38-90-35, except for reports submitted by a risk retention group. Effect of Amendment 2014 Act No. 282, SECTION 11, in subsection (B), substituted "insurance company, an industrial insured group, and a captive insurance company formed as a risk retention group" for "insurance company and an industrial insured group" in the third sentence; inserted "and each captive insurance company formed as a risk retention group" in the fourth sentence; and made other nonsubstantive changes. 2018 Act No. 251, SECTION 1, rewrote the section. 2025 Act No. 62, SECTION 6, in (B)(1)(b) and in the second sentence of (C), substituted "one-hundred-eighty days" for "sixty days"; in (C), inserted "or foreign" following "alien" six times; in (D), in the third sentence, substituted "all other captive insurance companies" for "pure captive insurance companies and industrial insured captive insurance companies".
S.C. Code Ann. § 38-21-70 — SC Code / Title 38 / Chapter 21 / Section 38-21-70
SECTION 38-21-70. Contents of statement; amendment.
Status: in_force

(A) The statement to be filed with the department, as prescribed in Section 38-21-60, must be made under oath or affirmation and must contain the following information: (1) The name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in Section 38-21-60 is to be effected, hereinafter called "acquiring party"; and (a) if the acquiring party is an individual, his principal occupation and all offices and positions held during the past five years and any conviction of crimes other than minor traffic violations during the past ten years; or (b) if the acquiring party is not an individual, a report of the nature of its business operations during the past five years or for a lesser period as the acquiring party and any predecessors have been in existence; an informative description of the business intended to be done by the acquiring party and its subsidiaries; and a list of all individuals who are or who have been selected to become directors or executive officers of the acquiring party or who perform or will perform functions appropriate to these positions. The list must include for each of these individuals the information required by subitem (a). (2) The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a description of any transaction in which funds were or are to be obtained for this purpose, (including pledge of the insurer's stock, or the stock of any of its subsidiaries or controlling affiliates), and the identity of persons furnishing the consideration. Where a source of the consideration is a loan made in the lender's ordinary course of business, the identity of the lender must remain confidential, if the person filing the statement so requests. (3) Fully audited financial information concerning the earnings and financial condition for the preceding five fiscal years of an acquiring party or for a lesser period as the acquiring party and any of its predecessors have been in existence. (4) Unaudited financial information of the earnings and financial condition of each acquiring party as of a date within ninety days before filing the statement. (5) Any plans or proposals which an acquiring party may have to liquidate the insurer, to sell its assets or merge or consolidate it with any person, or to make any other material change in its business or corporate structure or management. (6) The number of shares of a security referred to in Section 38-21-60 which each acquiring party proposes to acquire and the terms of the offer, request, invitation, agreement, or acquisition referred to in Section 38-21-60 and a statement as to the method by which the fairness of the proposal was arrived. (7) The amount of each class of any security referred to in Section 38-21-60 which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party. (8) A full description of any contract, arrangement, or understanding with respect to a security referred to in Section 38-21-60 in which an acquiring party is involved, including, but not limited to, transfer of the security, joint venture, loan or option arrangement, put or call, guarantee of loan, guarantee against loss or guarantee of division of loss or profit, or the giving or withholding of a proxy. The description must identify the persons with whom the contract, arrangement, or understanding has been entered. (9) A description of the purchase of a security referred to in Section 38-21-60 during the twelve calendar months preceding the filing of the statement, by an acquiring party, including the date of purchase, name of the purchaser, and consideration paid or agreed to be paid. (10) A description of a recommendation to purchase a security referred to in Section 38-21-60 made during the twelve calendar months preceding the filing of the statement by an acquiring party, or by anyone based upon interviews or at the suggestion of an acquiring party. (11) Copies of all tender offers for, requests or invitations for tenders of, exchange offers for, and agreements to acquire or exchange any securities referred to in Section 38-21-60, if distributed, of additional soliciting material relating to them. (12) The terms of an agreement, contract, or understanding made with any broker-dealer concerning solicitation of securities referred to in Section 38-21-60 for tender, and the amount of a fee, commission, or other compensation to be paid the broker-dealer. (13) An agreement by the person required to file the statement referred to in Section 38-21-60 that it will provide the annual report, specified in Section 38-21-225, for so long as control exists. (14) An acknowledgement by the person required to file the statement referred to in Section 38-21-60 that the person and all subsidiaries within its control in the insurance holding company system will provide information to the director or his designee upon request as necessary to evaluate enterprise risk to the insurer. (15) Any additional information the director may by regulation prescribe as necessary or appropriate for the protection of policyholders of the insurer or in the public interest. (B) If the person required to file the statement referred to in Section 38-21-60 is a partnership, limited partnership, syndicate, or other group, the director or his designee may require that the information required in this section be given with respect to each partner of the partnership or limited partnership, each member of the syndicate or group, and each person who controls the partner or member. If this partner, member, or person is a corporation or the person required to file the statement referred to in Section 38-21-60 is a corporation, the director or his designee may require that the information required in this section be given with respect to the corporation, each officer and director of the corporation, and each person who is directly or indirectly the beneficial owner of more than ten percent of the outstanding voting securities of the corporation. (C) If a material change occurs in the facts set forth in the statement filed with the department and sent to the insurer pursuant to this section, an amendment setting forth the change, together with copies of all documents and other material relevant to the change, must be filed with the department and sent to the insurer within two business days after the person learns of the change. Effect of Amendment 2015 Act No. 2, SECTION 5, inserted paragraph designator (A) to the former first undesignated paragraph; in (A), added (13) and (14), and redesignated the remaining paragraphs in accordingly; inserted paragraph designators (B) and (C) the the former last two undesignated paragraphs; and made nonsubstantive changes throughout. 2025 Act No. 17, SECTION 3, in (A)(2), in the first sentence, inserted "(including pledge of the insurer's stock, or the stock of any of its subsidiaries or controlling affiliates)," following "purpose,".
S.C. Code Ann. § 38-13-1020 — SC Code / Title 38 / Chapter 13 / Article 9 / Section 38-13-1020
SECTION 38-13-1020. Submission of Corporate Governance Annual Disclosure.
Status: in_force

(A) An insurer or the insurance group of which the insurer is a member must submit to the director a Corporate Governance Annual Disclosure (CGAD) that contains the information required pursuant to the provisions of this article no later than June first of each calendar year. Notwithstanding a request from the director, if the insurer is a member of an insurance group, the insurer shall submit the report to the director of the lead state for the insurance group in accordance with the laws of the lead state, as determined by the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC. (B) The CGAD must include a signature of the insurer's or insurance group's chief executive officer or corporate secretary attesting to the best of that individual's belief and knowledge that the insurer has implemented the corporate governance practices and that a copy of the disclosure has been provided to the insurer's board of directors of the appropriate committee thereof. (C) An insurer not required to submit a CGAD under this section shall do so upon the director's request. (D) For purposes of completing the CGAD, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level and the individual legal entity level, depending upon how the insurer or insurance group has structured its system of corporate governance. The insurer or insurance group is encouraged to make the CGAD disclosures at the level at which the insurer's or insurance group's risk appetite is determined, or at the level at which the earnings, capital, liquidity, operations, and reputation of the insurer are overseen collectively and at which the supervision of those factors are coordinated and exercised, or the level at which legal liability for failure of general corporate governance duties would be placed. If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate which of the three criteria was used to determine the level of reporting and explain any subsequent changes in the level of reporting. (E) The review of the CGAD and any additional requests for information must be made through the lead state as determined by the procedures within the most recent Financial Analysis Handbook. (F) Insurers providing information substantially similar to the information required by this article in other documents provided to the director, including proxy statements filed in conjunction with Form B requirements or other state or federal filings provided to this department, are not required to duplicate that information in the CGAD, but are required to cross reference the document in which the information is included.
S.C. Code Ann. § 38-81-400 — SC Code / Title 38 / Chapter 81 / Article 3 / Section 38-81-400
SECTION 38-81-400. Examinations.
Status: in_force

The director or his designee shall make an examination into the financial condition and affairs of the association at least annually and shall file a report thereon with the department, the Governor, and the General Assembly. The expenses of the examination must be paid by the association.
S.C. Code Ann. § 38-77-350 — SC Code / Title 38 / Chapter 77 / Article 3 / Section 38-77-350
SECTION 38-77-350. Form to be used when optional coverages are offered.
Status: in_force

(A) The director or his designee shall approve a form that automobile insurers shall use in offering optional coverages required to be offered pursuant to law to applicants for automobile insurance policies. This form must be used by insurers for all new applicants. The form, at a minimum, must provide for each optional coverage required to be offered: (1) a brief and concise explanation of the coverage; (2) a list of available limits and the range of premiums for the limits; (3) a space to mark whether the insured chooses to accept or reject the coverage and a space to state the limits of coverage the insured desires; (4) a space for the insured to sign the form that acknowledges that the insured has been offered the optional coverages; (5) the mailing address and telephone number of the insurance department that the applicant may contact if the applicant has questions that the insurance agent is unable to answer. (B) If this form is signed by the named insured, after it has been completed by an insurance producer or a representative of the insurer, it is conclusively presumed that there was an informed, knowing selection of coverage and neither the insurance company nor an insurance agent is liable to the named insured or another insured under the policy for the insured's failure to purchase optional coverage or higher limits. (C) An automobile insurer is not required to make a new offer of coverage on any automobile insurance policy which renews, extends, changes, supersedes, or replaces an existing policy. (D) Compliance with this section satisfies the insurer and agent's duty to explain and offer optional coverages and higher limits and no person, including, but not limited to, an insurer and insurance agent is liable in an action for damages on account of the selection or rejection made by the named insured. (E) If the insured fails or refuses to return an executed offer form within thirty days to the insurer, the insurer shall add on uninsured motorist and underinsured motorist coverages with the same policy limits as the insured's liability limits. Editor's Note 2013 Act No. 47, SECTION 5, provides as follows: "SECTION 5. An automobile liability insurer is not required to make a new offer of coverage or obtain a new prescribed form on any automobile insurance policy, within the contemplation of Section 38-77-350, to comply with statutory changes to the minimum required limits set forth in Section 38-77-140 and Section 38-77-150."
S.C. Code Ann. § 38-71-215 — SC Code / Title 38 / Chapter 71 / Article 1 / Section 38-71-215
SECTION 38-71-215. Dermatology referrals.
Status: in_force

(A) If a primary care physician makes a referral to a dermatologist, the enrollee in a managed care plan may see the in-network dermatologist to whom the enrollee is referred, without further referral, for a minimum of six months or four visits, whichever first occurs, for diagnosis, medical treatment, or surgical procedures for the referral problem or related complications. (B) Written communication from the dermatologist should be sent to the primary care physician after each visit. (C) An enrollee with a documented past history of malignant melanoma may be referred by his or her primary care physician to an in-network dermatologist for an annual evaluation and, as necessary, biopsy or surgery, or both. (D) All services provided pursuant to this section are subject to contractual provisions regarding medical necessity and benefit coverage. (E) Nothing in this section may be construed to extend benefits to an enrollee past the contract period.
S.C. Code Ann. § 38-90-450 — SC Code / Title 38 / Chapter 90 / Article 3 / Section 38-90-450
SECTION 38-90-450. Organization requirements; privileges and restrictions.
Status: in_force

(A) A SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the director. (B) The SPFC's organizational documents must limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this article. (C) The SPFC may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this State. (D) The organizational documents and the required organization fees must be transmitted to the Secretary of State, who shall record the relevant organizational documents. (E) At least one of the members of the management of the SPFC must be a resident of this State. (F) A SPFC formed pursuant to the provisions of this article has the privileges of and is subject to the provisions of the 1976 Code, applicable to its formation, as well as the applicable provisions contained in this article. If a conflict occurs between a provision of the applicable law and a provision of this article, the latter controls. Nothing contained in this provision with respect to a SPFC shall abrogate, limit, or rescind in any way the authority of the Securities Commissioner pursuant to the provisions of Title 35. Effect of Amendment 2014 Act No. 282, SECTION 23, deleted former subsections (D) and (E), relating to SPFC incorporators and a certification to be sent to the Secretary of State; redesignated the subsections accordingly; and in subsection (D), substituted "documents" for "documents, the certificate issued pursuant to subsection (E),".
S.C. Code Ann. § 38-19-450 — SC Code / Title 38 / Chapter 19 / Article 5 / Section 38-19-450
SECTION 38-19-450. Computation of individual assessments.
Status: in_force

A member's proportionate part of any deficiency is computed by applying to the premium earned within the twelve-month period on his contingently liable policy or policies the ratio of the total deficiency to the total premium earned during the period on all contingently liable policies. In computing the earned premiums for the purposes of this section the gross premium received by the insurer for the policy must be used as a base, deducting charges not recurring upon the renewal or extension of the policy. No member may have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable.
S.C. Code Ann. § 38-13-120 — SC Code / Title 38 / Chapter 13 / Article 1 / Section 38-13-120
SECTION 38-13-120. Record of business done; inspection by Director or designee.
Status: in_force

All companies doing any kind of insurance business in this State shall make and keep a full and correct record of the business done by them, showing the number, date, term, amount insured, premiums, and the person to whom issued of every policy or certificate of renewal. This information must be furnished to the director or his designee on demand, and the original books or record must be open to the inspection of the director or his designee on demand. These records must be kept for a minimum of five years.
S.C. Code Ann. § 38-15-80 — SC Code / Title 38 / Chapter 15 / Section 38-15-80
SECTION 38-15-80. Persons considered agents of surety insurers.
Status: in_force

A person is considered as acting agent for a surety insurer established in another state when he represents the insurer by: (a) receiving or transmitting applications for suretyship, (b) receiving for delivery bonds founded on applications forwarded from this State, or (c) procuring suretyship to be effected by the insurer upon the bonds of this State or upon bonds given to persons in this State.
S.C. Code Ann. § 38-89-140 — SC Code / Title 38 / Chapter 89 / Section 38-89-140
SECTION 38-89-140. Plan of operation and rules binding on association members.
Status: in_force

Every member of the association is bound by the approved plan of operation of the association and the rules of the board of directors of the association.
S.C. Code Ann. § 38-55-40 — SC Code / Title 38 / Chapter 55 / Article 1 / Section 38-55-40
SECTION 38-55-40. Certain inducements may not be offered.
Status: in_force

No insurer may issue in this State, nor permit its agents, officers, and employees to issue in this State, agency company stock or other stock or securities or any special or advisory bond or other contract of any kind promising returns and profits, as an inducement to the taking of insurance. No insurer is authorized to do business in this State which issues or permits its agents, officers, or employees to issue in any state or territory agency company stock or securities or any special or advisory bond or other contract of any kind, promising returns and profits as an inducement to the taking of insurance. No corporation or stock company, acting as agent of an insurer, nor any of its agents, officers, and employees, is permitted to sell or give, agree to sell or give, or offer to sell or give, directly or indirectly, in any manner whatsoever, any share of stock, security, bond, or agreement of any form or nature promising returns and profits as an inducement to the taking of insurance or in connection therewith. The director or his designee, upon being satisfied that any insurer or its agent has violated this section, shall impose the penalties provided in Section 38-2-10. This section does not apply to marine insurers or their agents if the agents write only marine insurance.
S.C. Code Ann. § 38-71-720 — SC Code / Title 38 / Chapter 71 / Article 5 / Section 38-71-720
SECTION 38-71-720. Approval of forms required; refusal or withdrawal of approval; optional life insurance riders.
Status: in_force

(A) A policy or contract of group accident, group health, or group accident and health insurance may not be issued or delivered in this State, nor may any application, endorsement, or rider which becomes a part of the policy be used, until a copy of the form has been filed with and approved by the director or his designee except as exempted by the director or his designee as permitted by Section 38-61-20. The director or his designee may disapprove the form if the form: (1) does not meet the requirements of law; (2) contains provisions which are unfair, deceptive, ambiguous, misleading, or unfairly discriminatory; or (3) is solicited by means of advertising, communication, or dissemination of information which is deceptive or misleading. If action is not taken to approve or disapprove a policy, contract, certificate, application, endorsement, or rider after the document has been filed for thirty days, it is deemed to be approved. The director or his designee, in his discretion, may extend for up to an additional sixty days the time period for approval or disapproval of the form. An organization may not use a form deemed approved pursuant to the default provision of this section until the organization has filed with the director or his designee a written notice of its intent to use the form. The notice must be filed in the office of the director at least ten days before the organization uses the form. The director or his designee, as soon as is practicable, shall notify in writing the insurer which has filed the form of his approval or disapproval. If the form is disapproved, the notice must contain the reasons for disapproval and the insurer is entitled to a public hearing on that decision. At any time after having given written approval, the director or his designee, after a public hearing of which at least thirty days' written notice has been given, may withdraw approval if he finds that the form: (1) does not meet the requirements of law; (2) contains provisions which are unfair, deceptive, ambiguous, misleading, or unfairly discriminatory; or (3) is solicited by means of advertising, communication, or dissemination of information which is deceptive or misleading. The withdrawal of approval must be effected by written notice to the insurer and the insurer is entitled to a public hearing on that decision. Any action or decision of the director or his designee to withdraw approval may be appealed to the Administrative Law Court in accordance with Section 38-3-210. (B) Nothing in this chapter precludes the issuance of a policy or contract of group accident, group health, or group accident and health insurance that includes an optional life insurance rider. However, the optional life insurance rider must be filed with and approved by the director or his designee pursuant to Section 38-61-20 and comply with all applicable sections of Chapter 65 and, in addition, in the case of a life insurance rider with accelerated long term care benefits, Chapter 72 of this title.
S.C. Code Ann. § 38-79-20 — SC Code / Title 38 / Chapter 79 / Article 1 / Section 38-79-20
SECTION 38-79-20. Medical malpractice judgments, settlements, agreements and awards to be filed by insurers with appropriate licensing board.
Status: in_force

All medical malpractice insurance carriers shall file with the appropriate professional or occupational licensing board all final judgments, settlements, agreements, and awards against any licensee of that board. All information relative to parties involved is and shall remain confidential.
S.C. Code Ann. § 38-13-150 — SC Code / Title 38 / Chapter 13 / Article 1 / Section 38-13-150
SECTION 38-13-150. Returns of reinsurance by insurers; effect of refusal.
Status: in_force

Every insurer shall file a return, on a form and at times prescribed by the director or his designee, showing all reinsurance or cessions of risk or liability contracted for or effected by it, whether by issue of policy, entry, or bordereau, general participation agreement, excess loss reinsurance, or in any manner whatsoever, upon property located in this State or covering, whether specified or otherwise, any risk or liability upon property so located. The return must be certified by the oath of its president and secretary, if a company of the United States, and, if a company of a foreign country, by the oath of its managers in the United States as to reinsurance or cessions effected through its branch office in the United States and by the oath of its president and secretary or by officers corresponding thereto, at its home office, wherever located, as to reinsurance or cessions contracted for or effected through the foreign office. The refusal of an insurer to file the required return is presumptive evidence that it is guilty of violating the provisions of Section 38-9-190.
S.C. Code Ann. § 38-71-560 — SC Code / Title 38 / Chapter 71 / Article 3 / Section 38-71-560
SECTION 38-71-560. Effect of use of simplified application form.
Status: in_force

Notwithstanding the provisions of item (2) of SECTION 38-71-340 or any other provision of law, if an insurer elects to use a simplified application form, with or without a question as to the applicant's health at the time of application, but without any questions concerning the insured's health history or medical treatment history, the policy shall cover any loss occurring after twelve months from any preexisting condition not specifically excluded from coverage by terms of the policy, and, except as so provided, the policy or contract may not include wording that would permit a defense based upon preexisting conditions.
S.C. Code Ann. § 38-89-160 — SC Code / Title 38 / Chapter 89 / Section 38-89-160
SECTION 38-89-160. Board of directors.
Status: in_force

The association is governed by a board of seven directors, one of whom is appointed by the Governor, with the advice and consent of the Senate, to represent the general public and three of whom are day care owners or operators appointed by the Governor. Three directors are elected by cumulative voting by members of the association, whose votes in the election must be weighed in accordance with each member's net direct premiums written during the preceding calendar year. The approved plan of operation of the association may make provision for combining insurers under common ownership or management into groups for voting, assessment, and all other purposes and may provide that not more than one of the officers or employees of the group may serve as a director at any one time. The insurer representatives of the board of directors must be elected at a meeting of the members or their authorized representatives, which must be held at a time and place designated by the board of directors. The board shall elect a chairman and other necessary officers.
S.C. Code Ann. § 38-65-350 — SC Code / Title 38 / Chapter 65 / Article 5 / Section 38-65-350
SECTION 38-65-350. Franchise or wholesale plan policies may not be used to supplement group life insurance.
Status: in_force

Franchise or wholesale life insurance policies may not be used to supplement group life insurance on the same lives.
S.C. Code Ann. § 38-27-230 — SC Code / Title 38 / Chapter 27 / Article 3 / Section 38-27-230
SECTION 38-27-230. Confidentiality of hearings.
Status: in_force

In proceedings and judicial reviews under Section 38-27-220, records of the insurer, other documents, insurance department files, and court records and papers, so far as they pertain to or are a part of the record of the proceedings, are and must remain confidential except as is necessary to obtain compliance, unless the circuit court, after hearing arguments from the parties in chambers, orders otherwise, or unless the insurer requests that the matter be made public. Until a court order, papers filed with the clerk of the circuit court must be held by him in a confidential file.
S.C. Code Ann. § 38-53-50 — SC Code / Title 38 / Chapter 53 / Section 38-53-50
SECTION 38-53-50. Surety relieved on bond; surrender of defendant; filing of new undertaking.
Status: in_force

(A) A surety desiring to be relieved on a bond for good cause shall file with the clerk of court a motion to be relieved on the bond. A copy of the motion must be served upon the defendant, his attorney, and the solicitor's office. The court then shall schedule a hearing to determine if the surety should be relieved on the bond and notify all parties of the hearing date. At the time of the filing of the motion, a fee of twenty dollars must be paid to the clerk of court to be retained by the clerk for use in the operation of the clerk's office. The fee will cover the cost of copies of the motion required by the surety. (B) If the circumstances warrant immediate incarceration of the defendant to prevent imminent violation of one of the specific terms of the bail bond, or if the defendant has violated one of the specific terms of the bond, the surety may take the defendant to the appropriate detention facility for holding until the court orders that the surety be relieved. The surety, within three business days following recommitment, must file with the detention facility and the court an affidavit clocked in with the clerk of court on a form provided by the Division of Court Administration stating the facts to support the surrender of the defendant for good cause. Nonpayment of premium fees alone is not sufficient cause to warrant immediate incarceration of the defendant. When the defendant and the affidavit are presented at the appropriate detention facility, the facility shall take custody of the defendant. When the affidavit is filed with the court, the surety also shall file a motion to be relieved on the bond pursuant to subsection (A). A surety who surrenders a defendant and files an affidavit which does not show good cause is subject to penalties imposed for perjury as provided for in Article 1, Chapter 9, Title 16. (C) If the defendant is incarcerated by the surety or a law enforcement agency as a result of a bench warrant, the surety shall file an affidavit with the court stating that the defendant is incarcerated in the appropriate detention facility as a result of the bench warrant as well as the violation of the specific term or terms of the bail bond stated in the bench warrant. Once the affidavit pursuant to the provisions of this subsection has been filed and served on the defendant, the surety is relieved of all liability on the bail bond by the court unless otherwise ordered by the circuit court within fourteen calendar days of the filing of the affidavit, or, if there is no term of court within the fourteen day period, at the ensuing term of court. (D) After the surety has been relieved by order of the court, a new undertaking must be filed with the appropriate court in order to secure the subsequent release of the defendant. The undertaking must contain the same conditions included in the original bond unless the conditions have been changed by the court. Effect of Amendment 2023 Act No. 83, SECTION 13, in (B), in the third sentence, substituted "Nonpayment of premium fees" for "Nonpayment of fees".
S.C. Code Ann. § 38-77-400 — SC Code / Title 38 / Chapter 77 / Article 3 / Section 38-77-400
SECTION 38-77-400. Underwriting restrictions provided upon request of director.
Status: in_force

Upon request of the director, an insurer must provide a listing of underwriting restrictions. These restrictions do not require approval of the director or his designee and are not public information.
S.C. Code Ann. § 38-17-80 — SC Code / Title 38 / Chapter 17 / Section 38-17-80
SECTION 38-17-80. Domestic corporations may exchange reciprocal or interinsurance contracts.
Status: in_force

Any domestic corporation may, in addition to the rights, powers, and franchises specified in its articles of incorporation, exchange reciprocal or interinsurance insurance contracts. The right to exchange these contracts is incidental to the purposes for which domestic corporations are organized and is granted the same as rights and powers expressly conferred.
S.C. Code Ann. § 38-43-60 — SC Code / Title 38 / Chapter 43 / Article 1 / Section 38-43-60
SECTION 38-43-60. Insurance business to be transacted by producers licensed in State; exceptions.
Status: in_force

All business done in this State by insurers doing the business of insurance as defined in this title must be transacted by their regularly authorized producers licensed in this State or through applications of the producers. Except as provided in Section 38-43-70, it is unlawful for a salaried officer, manager, or other representative of an insurer to transact for his company any of the business of a licensed producer for which the licensed producer received a commission, unless he himself is a bona fide licensed producer. No provision of this section applies to direct insurance covering the rolling stock of railroad corporations or property in transit while in possession and custody of railroad corporations or other common carriers or applies to bid bonds issued by a surety insurer in connection with any public or private contract.
S.C. Code Ann. § 38-75-400 — SC Code / Title 38 / Chapter 75 / Article 5 / Section 38-75-400
SECTION 38-75-400. Rates.
Status: in_force

(A) The rates, rating plans, and rating rules applicable to the insurance written by the association are those approved for use of the association by the director or his designee. Surcharges may be used as approved by the director or his designee. Rates may include rules for classification of risks insured under the provisions of this article and rate modifications of it. (B) As a residual market mechanism, the association is not intended to offer rates competitive with the admitted market. Rates for policies issued by the association must be adequate and established at a level that permits the association to operate as a self-sustaining mechanism. The association shall maintain the necessary rate-making data in order to permit the actuarial determination of rates and rating plans appropriate for the business insured by the association. The association shall monitor rate adequacy and shall notify the director semi-annually to enable the director to take corrective action by an order. Rates adjusted by a corrective action order are exempt from the twelve-month limitation requirement of Section 38-73-920. The corrective action order is subject to judicial review by the Administrative Law Court.
S.C. Code Ann. § 38-29-120 — SC Code / Title 38 / Chapter 29 / Section 38-29-120
SECTION 38-29-120. Appointment of special deputy for director.
Status: in_force

The association may recommend the appointment of a person to serve as a special deputy to act for the director or his designee and under his supervision in the liquidation, rehabilitation, or conservation of a member insurer. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, reenacted the section with no apparent changes.
S.C. Code Ann. § 38-13-820 — SC Code / Title 38 / Chapter 13 / Article 8 / Section 38-13-820
SECTION 38-13-820. Definitions.
Status: in_force

For purposes of this article, the term: (1) "Director" means the Director of the Department of Insurance. (2) "Insurance group" means insurers and affiliates included within an insurance holding company system. (3) "Insurer" has the same meaning as set forth in Section 38-1-20, except the term does not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. (4) "Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks. (5) "ORSA Guidance Manual" means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC) and as amended from time to time. A change in the ORSA Guidance Manual is effective on January first of the following calendar year in which the changes have been adopted by the NAIC. (6) "ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA.
S.C. Code Ann. § 38-33-50 — SC Code / Title 38 / Chapter 33 / Section 38-33-50
SECTION 38-33-50. Powers of health maintenance organization; notice prior to exercise of powers.
Status: in_force

(A) The powers of a health maintenance organization include, but are not limited to, the following: (1) the purchase, lease, construction, renovation, operation, or maintenance of hospitals, medical facilities, or both, and their ancillary equipment, and such property as may reasonably be required for its principal office or for such purposes as may be necessary in the transaction of the business of the organization; (2) the making of loans to a medical group under contract with it in furtherance of its program or the making of loans to a corporation under its control for the purpose of acquiring or constructing medical facilities and hospitals or in furtherance of a program providing health care services to enrollees; (3) the furnishing of health care services through providers which are under contract with or employed by the health maintenance organization; (4) the contracting with any person for the performance on its behalf of certain functions such as marketing, enrollment, and administration; (5) the contracting with an insurance company licensed in this State for the provision of insurance, indemnity, or reimbursement against the cost of health care services provided by the health maintenance organization; (6) the offering of other health care services, in addition to basic health care services; (7) providing services included in federal health care programs such as "Medicare", "Medicaid", "Champus", and veterans administration and other health programs funded in whole or in part by federal funds, in accordance with the laws governing these programs. (8) the offering of an out-of-network coverage under a point of service option; the Director of the Department of Insurance shall, by regulations and/or policy bulletin, implement the provisions of this item. (B)(1) A health maintenance organization shall file notice, with adequate supporting information, with the director or his designee prior to the exercise of any power granted in subsection (A)(1), (2), (4), or (7). The director or his designee may disapprove such exercise of power if in his opinion it would adversely affect the financial soundness of the health maintenance organization and endanger its ability to meet its obligations. If the director or his designee does not disapprove within thirty days of the filing, it is considered approved. (2) The department may promulgate regulations exempting from the filing requirement of item (1) those activities having a de minimis effect. (C) Any contract issued by a Health Maintenance Organization in this State on or after January 1, 1988, may include provision for subrogation by the Health Maintenance Organization to the enrollee's right of recovery against a liable third party for not more than the amount of insurance benefits that the Health Maintenance Organization has paid previously in relation to the enrollee's injury by the liable third party. If the director or his designee, upon being petitioned by the enrollee, determines that the exercise of subrogation by a Health Maintenance Organization is inequitable and commits an injustice to the enrollee, subrogation is not allowed. Attorney's fees and costs must be paid by the Health Maintenance Organization from the amounts recovered. This determination by the director or his designee may be appealed to the Administrative Law Court as provided by law in accordance with Section 38-3-210.
S.C. Code Ann. § 38-43-790 — SC Code / Title 38 / Chapter 43 / Article 6 / Section 38-43-790
SECTION 38-43-790. Travel protection plans.
Status: in_force

Travel protection plans may be offered for one price for the combined features that the travel protection plan offers in this State if: (1) the travel protection plan clearly discloses to the consumer at or prior to the time of purchase that it includes travel insurance, travel assistance services, and cancellation fee waivers, as applicable, and provides information and an opportunity at or prior to the time of purchase for the consumer to obtain additional information regarding the features and pricing of each; and (2) the fulfillment materials: (a) describe and delineate the travel insurance, travel assistance services, and cancellation fee waivers in the travel protection plan; and (b) include the travel insurance disclosures and the contact information for persons providing travel assistance services and cancellation fee waivers, as applicable.
S.C. Code Ann. § 38-44-10 — SC Code / Title 38 / Chapter 44 / Section 38-44-10
SECTION 38-44-10. Short title.
Status: in_force

This chapter may be cited as the "Managing General Agents Act".
S.C. Code Ann. § 38-39-60 — SC Code / Title 38 / Chapter 39 / Section 38-39-60
SECTION 38-39-60. Regulations.
Status: in_force

The department, after a public hearing, has authority to make and enforce any regulations necessary to carry out this chapter, but these regulations may not be contrary to nor inconsistent with this chapter.
S.C. Code Ann. § 38-10-20 — SC Code / Title 38 / Chapter 10 / Section 38-10-20
SECTION 38-10-20. Definitions.
Status: in_force

For the purposes of this chapter: (1) "Domestic insurer" means an insurer domiciled in the State of South Carolina. (2) "Fully funded" means that, with respect to any exposure attributed to a protected cell, the market value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures. (3) "General account" means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities. (4) "Indemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered by its incurring a specified level of losses under its insurance or reinsurance contracts. (5) "Market value" means: (a) as to cash, the amount of cash; and (b) as to a security as of any date, the price for the security on that date obtained from a generally recognized source or the most recent quotation from such a source or, to the extent no generally recognized sources exist, the price for the security as determined in good faith by the parties to the transaction, plus accrued but unpaid income on the security to the extent not included in the price as of that date. (6) "Nonindemnity trigger" means a transaction term by which relief of the issuer's obligation to repay investors is triggered solely by some event or condition other than the individual protected cell company incurring a specified level of losses under its insurance or reinsurance contracts. (7) "Protected cell" means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this chapter from the remainder of the protected cell company's assets and liabilities. (8) "Protected cell account" means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of one protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account. (9) "Protected cell assets" means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company. (10) "Protected cell company" means a domestic insurer or captive insurer that has one or more protected cells. (11) "Protected cell company insurance securitization" means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. (12) "Protected cell liabilities" means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company.
S.C. Code Ann. § 38-77-860 — SC Code / Title 38 / Chapter 77 / Article 8 / Section 38-77-860
SECTION 38-77-860. Disclosure of reasons for director's decisions not required; liability.
Status: in_force

(A) The director is not required to disclose to any person, including the applicant or policyholder, its reasons for: (1) refusing to assign an application; (2) approving the rejection of an application by an insurance carrier; (3) approving the cancellation of a policy of motor vehicle liability, physical damage, and medical payments insurance by an insurance carrier; or (4) refusing to approve the renewal or the reassignment of an expiring policy. (B) The director or anyone acting for him is not held liable for any act or omission in connection with the administration of the duties imposed upon it by the provisions of this chapter, except upon proof of actual malfeasance.
S.C. Code Ann. § 38-19-440 — SC Code / Title 38 / Chapter 19 / Article 5 / Section 38-19-440
SECTION 38-19-440. Assessments for deficiencies.
Status: in_force

If at any time the surplus of a domestic mutual insurer is less than the amount required by this title and the deficiency is not cured from other sources, its directors may with the approval of the director or his designee make an assessment on its members who, at any time within the twelve months immediately preceding the date the assessment was authorized by the directors, held policies providing for contingent liability. The director or his designee may refuse to approve the assessment if in his judgment refusal will best promote the interests of the insurer's members and creditors and of the insuring public.
S.C. Code Ann. § 38-73-40 — SC Code / Title 38 / Chapter 73 / Article 1 / Section 38-73-40
SECTION 38-73-40. Recording and reporting of loss and expense experience.
Status: in_force

The department may promulgate statistical plans, reasonably adapted to each of the rating systems on file with the department, which may be modified from time to time and which must be used thereafter by each insurer in the recording and reporting of its loss and countrywide expense experience, in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary to aid him in determining whether rating systems comply with the standards set forth in Sections 38-73-330 and 38-73-430, as the case may be. The plans may also provide for the recording and reporting of expense experience items which are specially applicable to this State and are not susceptible of determination by a prorating of countrywide expense experience. In promulgating these plans, the department shall give due consideration to the rating systems on file with it and, in order that such plans may be as uniform as is practicable among the several states, to the form of the plans used for rating systems in other states. The department may designate one or more rating organizations or other agencies to assist him in gathering the experience and making compilations thereof. These compilations must be made available, subject to plans promulgated by the department, to insurers and rating organizations.
S.C. Code Ann. § 38-79-200 — SC Code / Title 38 / Chapter 79 / Article 3 / Section 38-79-200
SECTION 38-79-200. Rate increase or assessment authorized.
Status: in_force

The association is authorized to provide a rate increase, assessment as provided in Section 38-79-220 or a combination thereof on policyholders which is subject to the approval of the director, or his designee, to reduce the deficit and to maintain rate adequacy. Effect of Amendment 2019 Act No. 67, SECTION 1, inserted "on policyholders" following "rate increase or assessment". 2022 Act No. 195, SECTION 10, rewrote the section.
S.C. Code Ann. § 38-71-50 — SC Code / Title 38 / Chapter 71 / Article 1 / Section 38-71-50
SECTION 38-71-50. Alteration of application.
Status: in_force

No alteration of any written application for insurance by erasure, insertion, or otherwise may be made by any person other than the applicant without his written consent, and the making of any such alteration without the consent of the applicant is a misdemeanor. However, insertions may be made by the insurer, for administrative purposes only, in a manner that clearly indicates that the insertions are not to be ascribed to the applicant.
S.C. Code Ann. § 38-75-950 — SC Code / Title 38 / Chapter 75 / Article 11 / Section 38-75-950
SECTION 38-75-950. Obtaining reinsurance.
Status: in_force

(A) A title insurer may obtain reinsurance for all or any part of its liability under one or more of its title insurance policies or reinsurance agreements and also may reinsure title insurance policies issued by other title insurers on risks located in this State or elsewhere. Reinsurance on policies issued on properties located in this State must be obtained from title insurers licensed to transact title insurance business in this State. (B) Upon application by a title insurer, the director or his designee may permit the insurer to obtain reinsurance from a title insurer not licensed in this State upon the following conditions: (1) the title insurer is unable to obtain reinsurance from a title insurer licensed in this State; and (2) the unlicensed title insurer meets the requirements of approved reinsurers in Section 38-5-60.
S.C. Code Ann. § 38-43-610 — SC Code / Title 38 / Chapter 43 / Article 5 / Section 38-43-610
SECTION 38-43-610. Definitions.
Status: in_force

For the purposes of this article: (1) "Licensee" means a person who holds a limited license. (2) "Limited license" means the authority of a person authorized to sell certain insurance pursuant to the provisions of this article. (3) "Rental agreement" means a written agreement setting forth the terms and conditions governing the use of a storage space provided by a self-service storage facility for rental or lease. (4) "Owner" means the owner of a self-service storage facility or his agent. (5) "Occupant" means a person or his lessee, successor, or assignee entitled to the use of the storage space at a self-storage facility under a rental agreement to the exclusion of others. (6) "Self-service storage facility" means real property designed and used for the sole purpose of renting or leasing individual storage space to occupants given access to this storage space for the sole purpose of storing and removing personal property. (7) "Rental period" means the term of a rental agreement.
S.C. Code Ann. § 38-77-127 — SC Code / Title 38 / Chapter 77 / Article 3 / Section 38-77-127
SECTION 38-77-127. Insurer may issue verification of coverage electronically.
Status: in_force

(A) An automobile insurer may issue verification concerning the existence of coverage it provides an insured in an electronic format to a mobile electronic device upon request of the insured. (B) For purposes of this section, "mobile electronic device" means a portable computing and communication device that has a display screen with touch input or a miniature keyboard and is capable of receiving information transmitted in an electronic format.
S.C. Code Ann. § 38-1-30 — SC Code / Title 38 / Chapter 1 / Section 38-1-30
SECTION 38-1-30. "Commissioner", etc., means "Director".
Status: in_force

Wherever in any other chapter of Title 38 the term "Chief Insurance Commissioner" or "Commissioner" appears or is used, it shall be deemed to mean the Director of the Department of Insurance or his designee.
S.C. Code Ann. § 38-14-70 — SC Code / Title 38 / Chapter 14 / Section 38-14-70
SECTION 38-14-70. Powers; bylaws.
Status: in_force

(A) A SPRV authorized under this chapter must have the necessary powers to enter into contracts and to conduct other commercial activities necessary to fulfill the purposes of this chapter. Those activities may include, but are not limited to, entering into SPRV contracts, issuing securities of the SPRV, and complying with the terms of it, entering into trust, swap, and other agreements necessary to effectuate an insurance securitization in compliance with the limitations and pursuant to the authorities granted to the SPRV under this chapter or the plan of operation approved or deemed approved by the director, or his designee. (B) A SPRV organized or doing business under this chapter must, by the name adopted by the SPRV, in law, be capable of suing or being sued, and may make or enforce contracts in relation to the business of the SPRV; may have and use a common seal, and in the name of the SPRV or by a trustee chosen by the board of directors, must be capable of taking, purchasing, holding, and disposing of real and personal property for carrying into effect the purposes of its organization; and may by its board of directors, trustees, officers, or managers, make bylaws and amendments not inconsistent with the laws or the Constitution of this State or of the United States. The bylaws must define the manner of electing directors, trustees or managers, and officers of the SPRV, together with their qualifications and duties and fixing the term of office.
S.C. Code Ann. § 38-10-70 — SC Code / Title 38 / Chapter 10 / Section 38-10-70
SECTION 38-10-70. Protected cell insurance securitization as insurance contract; investor, underwriters and officers as conducting insurance business.
Status: in_force

A protected cell company insurance securitization may not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, may not be deemed to be conducting an insurance business in this State. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives, and advisors involved in a protected cell company insurance securitization may not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business by virtue of their activities in connection with that business.
S.C. Code Ann. § 38-75-1210 — SC Code / Title 38 / Chapter 75 / Article 13 / Section 38-75-1210
SECTION 38-75-1210. Prohibited grounds for refusal to issue policy or determination of premiums; penalties.
Status: in_force

(A)(1) An insurer or agent may not refuse to issue an insurance policy as defined in this article because of any one or more of the following factors: (a) age; (b) sex; (c) race; (d) color; (e) creed; (f) national origin; (g) ancestry; (h) marital status; or (i) income level. (2) An insurer or agent may not refuse to issue an insurance policy defined in this article only because of any one of the following factors: (a) the previous refusal of property insurance by another insurer; or (b) lawful occupation, including the military service, of the person seeking the coverage. (3) Nothing in this section prohibits an insurer from limiting the issuance of insurance policies covered in this article only to persons engaging in or who have engaged in a particular profession or occupation, or who are members of a particular religious sect. (4) Nothing in this section prohibits an insurer from setting rates in accordance with relevant actuarial data. (5) Nothing in this section prohibits an insurer from refusing to issue policies of insurance due to the catastrophe exposure of wind. (B)(1) In determining the premium rates to be charged for an insurance policy covered in this article, it is unlawful to consider: (a) race; (b) color; (c) creed; (d) religion; (e) sex; (f) national origin; (g) ancestry; (h) economic status; or (i) income level. (2) An insurer, agent, or a broker may not refuse to write an insurance policy covered in this article based upon: (a) age; (b) sex; (c) race; (d) color; (e) creed; (f) religion; (g) national origin; (h) ancestry; (i) economic status; or (j) income level. (3) However, nothing in this subsection may preclude the use of a territorial plan approved by the director. (C) An insurer or agent who violates this section is subject to the penalties as provided in Section 38-2-10. If the Director of the Department of Insurance or his designee finds that an insurer or agent is participating in a pattern of unfair discrimination, the director or his designee may impose a fine of up to two hundred thousand dollars. However, if the unfair discrimination is required by an insurer, only the insurer is subject to the penalty as long as the agent of the insurer has reported the pattern of unfair discrimination to the department. The director or his designee at any time may examine an insurer, agent, or a broker to enforce this section. The expense of examination must be paid by the insurer, agent, or broker.
S.C. Code Ann. § 38-101-110 — SC Code / Title 38 / Chapter 101 / Section 38-101-110
SECTION 38-101-110. Certification of policy that equals or exceeds flood coverage offered by NFIP; misrepresentation.
Status: in_force

(A) An admitted insurer offering flood insurance may certify that a policy, contract, or endorsement provides coverage for the named peril of flood which equals or exceeds the flood coverage offered by the NFIP. To be eligible for certification, the policy, contract, or endorsement must contain a provision stating that it meets the private flood insurance requirements specified in 42 U.S.C. Section 4012a(b) and may not contain provisions that, when taken as a whole, are not in compliance with 42 U.S.C. Section 4012a(b). (B) The admitted insurer or its agent may reference or include a certification pursuant to subsection (A) in advertising or communications with an agent, a lending institution, an insured, or a potential insured only for a policy, contract, or endorsement that is certified pursuant to this section. The admitted insurer may include a statement that notifies an insured of the certification on the declarations page or other policy documentation related to flood coverage certified pursuant to this section. (C) An insurer or agency who knowingly: (1) misrepresents that a flood policy, contract, or endorsement is certified pursuant to this chapter; or (2) misrepresents the scope of the coverage of the flood insurance policy, contract, or endorsement commits an unfair or deceptive act pursuant to Section 38-57-10, et seq. and is subject to the penalties set forth in this chapter. Editor's Note 2020 Act No. 166, SECTION 3, provides as follows: "SECTION 3. This act becomes effective sixty days following approval by the Governor. Insurers that are writing private flood insurance at the time of enactment have an additional one hundred twenty days to come into compliance with the requirements of this act." Effect of Amendment 2022 Act No. 195, SECTION 14, in (A), in the first sentence, substituted "named peril" for "peril".
S.C. Code Ann. § 38-29-170 — SC Code / Title 38 / Chapter 29 / Section 38-29-170
SECTION 38-29-170. Immunity from liability for action taken under chapter.
Status: in_force

There is no liability on the part of, and no cause of action of any nature may arise against, any member insurer or its agents or employees, the association's agents or employees, members of the board of directors, or the director or his representatives for any action taken or omission by them in the authorized performance of their powers and duties under this chapter. This section does not relieve the association of any of its statutory obligations. The immunity extends to the participation in an organization of one or more state associations of similar purposes and to such organization, its agents, and employees. Editor's Note 2020 Act No. 121, SECTION 1.B, provides as follows: "[1.]B. The amendments made by this act do not apply to a member insurer that has been placed under an order of rehabilitation or liquidation before July 1, 2020." Effect of Amendment 2020 Act No. 121, SECTION 1.A, in the first sentence, inserted "or omission" following "any action taken", in the second sentence, substituted "statutory obligations" for "liability", and added the third sentence.
S.C. Code Ann. § 38-78-40 — SC Code / Title 38 / Chapter 78 / Section 38-78-40
SECTION 38-78-40. Reimbursement insurance policies.
Status: in_force

(A) Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale in this State shall conspicuously state that the insurer that issued the policy shall either reimburse or pay on behalf of the provider any covered sums the provider is legally obligated to pay or in the event of the provider's nonperformance, shall provide the service which the provider is legally obligated to perform according to the provider's contractual obligations under the service contracts issued or sold by the provider. (B) In the event covered service is not provided by the service contract provider within sixty days of proof of loss by the service contract holder, the contract holder is entitled to apply directly to the reimbursement insurance company.
S.C. Code Ann. § 38-71-144 — SC Code / Title 38 / Chapter 71 / Article 1 / Section 38-71-144
SECTION 38-71-144. Expedited external reviews of certain health benefit plan cancer diagnostic service denials.
Status: in_force

(A) For purposes of this section: (1) "Health benefit plan" means all individual and group health insurance policies and health maintenance organizations issued, delivered or renewed in this State, to include the State Health Plan, but otherwise not to include the administrative services performed on behalf of a self-funded plan subject to the Employee Retirement Income Security Act (ERISA) of 1974 or other plans exempted by Section 38-71-1920(9). (2) "Stage four advanced, metastatic cancer" means cancer that has spread from the primary or original site of the cancer to nearby tissues, lymph nodes, or other areas or parts of the body. (3) "Recognized diagnostic imaging service" means a diagnostic imaging service for the diagnosis and treatment of stage four advanced, metastatic cancer for which the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology provide a uniform consensus that the proposed use of the diagnostic imaging service is appropriate and is supported by peer-reviewed literature. (B) If a health benefit plan that covers the treatment of stage four advanced, metastatic cancer denies a prior authorization request or a claim for a recognized diagnostic imaging service for a covered person's stage four advanced metastatic cancer based upon an adverse medical necessity determination, then the covered person shall have a right to an expedited external review in accordance with Section 38-71-1980. Editor's Note 2022 Act No. 187, SECTION 2, provides as follows: "SECTION 2. This act takes effect upon approval by the Governor, and applies to health benefit plans issued, renewed, delivered, or entered into on or after the effective date of this act."
S.C. Code Ann. § 38-46-60 — SC Code / Title 38 / Chapter 46 / Section 38-46-60
SECTION 38-46-60. Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements.
Status: in_force

(A) An insurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Section 38-46-30. (B) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business unless the reinsurance intermediary-broker is under common control with the insurer and subject to the Insurance Holding Company Regulatory Act. (C) The insurer annually shall file with the department not later than June first a copy of the statements of the financial condition of each reinsurance intermediary-broker which the insurer has engaged. The statements must be prepared by an independent certified accountant in a form acceptable to the director or his designee. Effect of Amendment 2019 Act No. 6, SECTION 7.A, in (C), in the first sentence, substituted "not later than June" for "not later than March".
S.C. Code Ann. § 38-73-920 — SC Code / Title 38 / Chapter 73 / Article 9 / Section 38-73-920
SECTION 38-73-920. No insurance may be issued except on rates filed.
Status: in_force

An insurer may not make or issue a contract or policy except in accordance with the filings which are in effect for the insurer as provided in this chapter or in accordance with Section 38-73-1060. Notwithstanding Section 38-73-10, Section 38-73-330(2), and Section 38-73-430(4), filings for property and casualty rate increases may not be approved for any insurer or rating organization for any line, subline, or otherwise identifiable property and casualty insurance coverage for which a rate increase has previously been granted within the immediately preceding twelve months. However, if satisfactory evidence is presented to the director or his designee by an insurer or rating organization that the continued use of the previously approved rates for the line, subline, or otherwise identifiable property and casualty insurance coverage may result in the insolvency of an insurer, more frequent rate increases may be approved. Rate changes proposed where the sole factor for the change is the impact of a revised assessment does not constitute a rate increase for purposes of this section. No rate increase based upon an assessment may become effective unless the assessment has been paid. This section does not apply to contracts or policies for inland marine risks as to which filings are not required. However, a private insurer licensed to underwrite essential property insurance as defined by Section 38-75-310(1), notwithstanding any limitations included within this title, may file and use, pursuant to the provisions of Section 38-73-1095, any rates which result in insurance premium rates of ninety percent, or less, of the insurance premium rates then approved for the South Carolina Wind and Hail Underwriting Association which result in an insurance premium increase for any policyholder situated within a coastal area of South Carolina as defined by Section 38-75-310(5) not more than once in any six-month period.
S.C. Code Ann. § 38-89-170 — SC Code / Title 38 / Chapter 89 / Section 38-89-170
SECTION 38-89-170. Appeal to commission.
Status: in_force

An applicant for insurance through the association, a person insured pursuant to this chapter, or his representative, or an insurer adversely affected, or claiming to be adversely affected, by a ruling, action, or decision by or on behalf of the association, may appeal to the director or his designee within thirty days after the ruling, action, or decision.
S.C. Code Ann. § 38-3-100 — SC Code / Title 38 / Chapter 3 / Article 1 / Section 38-3-100
SECTION 38-3-100. Director of the Department of Insurance; removal; status; term of employment, salary, and qualifications.
Status: in_force

The director or his designee is not subject to the State Employee Grievance Committee or any internal grievance procedure established at the Insurance Department. The director or his designee shall devote all of his working time to the duties of his office. Before taking the oath of office he shall sever all connections, either direct or indirect, except as a policyholder, with any insurance company or agency and shall maintain the severance during his tenure of office. If he becomes a candidate for public office or becomes a member of a political committee during tenure, his office as director or his designee must be immediately vacated.
S.C. Code Ann. § 38-81-210 — SC Code / Title 38 / Chapter 81 / Article 3 / Section 38-81-210
SECTION 38-81-210. Findings.
Status: in_force

The General Assembly declares that there exists the potential for a legal professional liability insurance crisis for attorneys in this State because of the high cost of liability insurance and a want of competition. These conditions could result in a situation in which liability insurance would not be available to attorneys in the State. The public interest requires that a contingency program for providing legal professional liability insurance be enacted and that the Insurance Department of South Carolina (department) activate this program upon finding that an emergency exists because insurance is not available through normal channels or is not available on a reasonable basis because of lack of competition or otherwise.
S.C. Code Ann. § 38-71-2010 — SC Code / Title 38 / Chapter 71 / Article 19 / Section 38-71-2010
SECTION 38-71-2010. Standards for approval of independent review organizations.
Status: in_force

(A) To be approved under Section 38-71-2000 to conduct external reviews, an independent review organization shall have and maintain written policies and procedures that govern all aspects of both the standard external review process and the expedited external review process set forth in Sections 38-71-1970 and 38-71-1980 that include, at a minimum: (1) a quality assurance mechanism in place that ensures: (a) that external reviews are conducted within the specified time frames and required notices are provided in a timely manner; (b) the selection of qualified and impartial clinical peer reviewers to conduct external reviews on behalf of the independent review organization and suitable matching of reviewers to specific cases; (c) the confidentiality of medical and treatment records and clinical review criteria; and (d) that any person employed by or under contract with the independent review organization adheres to the requirements of this article; (2) a toll-free telephone service to receive information on a 24-hour-day, 7-day-a-week basis related to external reviews that is capable of accepting, recording, or providing appropriate instruction to incoming telephone callers during other than normal business hours; and (3) agree to maintain and provide to the director or his designee the information set out in Section 38-71-2030. (B) All clinical peer reviewers assigned by an independent review organization to conduct external reviews must be physicians or other appropriate health care providers who: (1) are knowledgeable about the recommended health care service or treatment through recent or current actual clinical experience treating patients with the same or similar medical condition of the covered person; and (2) hold a nonrestricted license in a state of the United States and, for physicians, a current certification by a recognized American medical specialty board in the area or areas appropriate to the subject of the external review. (C) In addition to the requirements set forth in subsection (A), an independent review organization may not own or control, be a subsidiary of or in any way be owned or controlled by, or exercise control with a health benefit plan, a national, state, or local trade association of health benefit plans, or a national, state, or local trade association of health care providers. (D)(1) In addition to the requirements set forth in subsections (A), (B), and (C), to be approved pursuant to Section 38-71-2000 to conduct an external review of a specified case, neither the independent review organization selected to conduct the external review nor any clinical peer reviewer assigned by the independent review organization to conduct the external review may have a material professional, familial, or financial conflict of interest with: (a) the health carrier that is the subject of the external review; (b) the covered person whose treatment is the subject of the external review or his authorized representative; (c) any officer, director, or management employee of the health carrier that is the subject of the external review; (d) the health care provider or the health care provider's medical group or independent practice association recommending the health care service or treatment that is the subject of the external review; (e) the facility at which the recommended health care service or treatment would be provided; or (f) the developer or manufacturer of the principal drug, device, procedure, or other therapy being recommended for the covered person whose treatment is the subject of the external review.
S.C. Code Ann. § 38-87-110 — SC Code / Title 38 / Chapter 87 / Section 38-87-110
SECTION 38-87-110. Powers of Director of the Department of Insurance; applicable procedures; injunctive relief.
Status: in_force

(A) The director or his designee is authorized to use any power established under this title to enforce the insurance laws of this State not specifically preempted by the Liability Risk Retention Act of 1986, including, but without limitation, the administrative authority of the director or his designee to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose monetary penalties, and seek injunctive relief. With regard to any investigation, administrative proceedings, or litigation, the director or his designee may rely on the procedural laws of this State. (B) Whenever the director or his designee determines that any person, risk retention group, purchasing group, or insurer of a purchasing group has violated, is violating, or is about to violate any provision of this chapter or any other insurance law of this State applicable to such person or entity, or has failed to comply with a lawful order of his, he may, in addition to any other lawful remedies or penalties, cause a complaint to be filed in the Court of Common Pleas for Richland County to enjoin and restrain such person, risk retention group, purchasing group, or insurer from engaging in such violation, or to compel compliance with such order of the director or his designee. The court has jurisdiction of the proceeding and has the power to enter a judgment and order for injunctive or other relief. In any action by the director or his designee under this subsection, service of process must be made upon the Secretary of State, who shall forward the order, pleadings, or other process to the person, risk retention group, purchasing group, or insurer in accordance with the procedures specified in Section 38-25-510. Nothing herein may be construed to limit or abridge the authority of the director or his designee to seek injunctive relief in any district court of the United States as provided in Section 38-87-130.
S.C. Code Ann. § 38-63-240 — SC Code / Title 38 / Chapter 63 / Article 3 / Section 38-63-240
SECTION 38-63-240. Interest rate on insurance policy loans.
Status: in_force

Life insurance policies issued after May 1, 1985, may not provide for policy loan interest rates of more than eight percent per annum, except as provided in SECTION 38-63-250.
S.C. Code Ann. § 38-89-100 — SC Code / Title 38 / Chapter 89 / Section 38-89-100
SECTION 38-89-100. Rate increase subject to director's approval.
Status: in_force

The association may provide a rate increase or assessment subject to the approval director or his designee.
S.C. Code Ann. § 38-69-20 — SC Code / Title 38 / Chapter 69 / Article 1 / Section 38-69-20
SECTION 38-69-20. Misrepresentations to induce termination or conversion of annuities.
Status: in_force

No insurer, or its employee or agent, may make any misleading representations or incomplete or fraudulent comparisons of any annuity contracts or insurers for the purpose of inducing, or which may tend to induce, any person to lapse, forfeit, surrender, terminate, return, or convert any annuity.
S.C. Code Ann. § 38-25-560 — SC Code / Title 38 / Chapter 25 / Article 7 / Section 38-25-560
SECTION 38-25-560. Filing of certain motions.
Status: in_force

Nothing in this article may be construed to prevent an unauthorized insurer from filing a motion to quash a writ or to set aside service thereof made in the manner provided in SECTION 38-25-510, 38-25-520, or 38-25-530 on the ground that (a) no policy or contract of insurance has been issued or delivered to a citizen or resident of this State or to a corporation authorized to do business in this State, (b) the insurer has not been transacting business in this State, or (c) the person on whom service was made pursuant to SECTION 38-25-530 was not doing any of the acts listed in that section.
S.C. Code Ann. § 38-53-280 — SC Code / Title 38 / Chapter 53 / Section 38-53-280
SECTION 38-53-280. Securities held in trust.
Status: in_force

The securities deposited by a professional bondsman with the clerk of court must be held in trust for the sole protection and benefit of the holder of bail bonds executed by or on behalf of the undersigned bondsman in this State. A pro rata portion of the securities must be returned to the bondsman when the clerk of court is satisfied that the deposit of securities is in excess of the amount required to be maintained with him by the bondsman. All the securities must be returned if the clerk of court is satisfied that the bondsman has satisfied, or satisfactory arrangements have been made to satisfy, the obligations of the bondsman on all of his bail bonds written in the State. The clerk of court may sell or transfer any of the securities or utilize the proceeds of the securities for the purpose of satisfying the liabilities of the professional bondsman on bail bonds given in this State on which he is liable.
S.C. Code Ann. § 38-45-20 — SC Code / Title 38 / Chapter 45 / Section 38-45-20
SECTION 38-45-20. Requirements for resident to be licensed as an insurance broker.
Status: in_force

A resident property and casualty-licensed insurance producer may be licensed as an insurance broker by the director or his designee if the following requirements are met: (1) licensure of the resident as an insurance producer for the same lines of insurance for which he proposes to apply as a broker of this State; (2) successfully passed the South Carolina broker licensing examination; (3) payment of a biennial license fee of two hundred dollars which is earned fully when received, not refundable; (4) filing of a bond with the department in a form approved by the Attorney General in favor of South Carolina of ten thousand dollars executed by a corporate surety licensed to transact surety insurance in this State and personally countersigned by a licensed resident agent of the surety. The bond must be conditioned to pay a person insured or seeking insurance through the broker who sustains loss as a result of: (a) the broker's violation of or failure to comply with an insurance law or regulation of this State; (b) the broker's failure to transmit properly a payment received by him, cash or credit, for transmission to an insurer or an insured; or (c) an act of fraud committed by the broker in connection with an insurance transaction. Instead of a bond, the broker may file with the department certificates of deposit of ten thousand dollars of building and loan associations or federal savings and loan associations located within the State in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount of insurance, or of banks located within the State in which deposits are guaranteed by the Federal Deposit Insurance Corporation, not to exceed the amount of insurance. An aggrieved person may institute an action in the county of his residence against the broker or his surety, or both, to recover on the bond or against the broker to recover from the certificates of deposit, and a copy of the summons and complaint in the action must be served on the director, who is not required to be made a party to the action; (5) payment to the department, within thirty days after March thirty-first, June thirtieth, September thirtieth, and December thirty-first each year, of the broker's premium tax rate upon premiums for policies of insurers not licensed in this State. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded. The credit must be refunded to the policyholder.
S.C. Code Ann. § 38-67-30 — SC Code / Title 38 / Chapter 67 / Section 38-67-30
SECTION 38-67-30. Qualifications of companies delivering or issuing variable contracts.
Status: in_force

No company may deliver or issue for delivery within this State variable contracts unless it is licensed and organized to do a life insurance or annuity business in this State, and the director or his designee is satisfied that its condition or method of operation in connection with the issuance of variable contracts will not render its operation hazardous to the public or its policyholders in this State. In this connection, the director or his designee shall consider among other things: (a) the history and financial condition of the insurer; (b) the character, responsibility, and fitness of the officers and directors of the insurer; and (c) the law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts. The state of entry of an alien insurer is considered its place of domicile for this purpose. If the insurer is a subsidiary of an admitted life insurer, or affiliated with an admitted life insurer through common management or ownership, it may be considered by the director or his designee to have met the provisions of this section if either it or the parent or the affiliated insurer meets the requirements hereof.
S.C. Code Ann. § 38-81-340 — SC Code / Title 38 / Chapter 81 / Article 3 / Section 38-81-340
SECTION 38-81-340. Participation of insurers.
Status: in_force

All insurers which are members of the association shall participate in its writings, expenses, profits, and losses in the proportion that the net direct premiums of each member, excluding that portion of premiums attributable to the operation of the association, written during the preceding calendar year bear to the aggregate net direct premiums written in this State by all members of the association. Each insurer's participation in the association must be determined annually on the basis of the net direct premiums written during the preceding calendar year, as reported in the annual statements and other reports filed by the insurer with the department. The assessment of a member insurer, after hearing, may be ordered deferred in whole or in part upon application by the insurer if, in the opinion of the director or his designee, payment of the assessment may render the insurer insolvent or in danger of insolvency or otherwise may leave the insurer in a condition that further transaction of the insurer's business may be hazardous to its policyholders, creditors, members, subscribers, stockholders, or the public. If payment of an assessment against a member insurer is deferred by order of the director or his designee in whole or in part, the amount by which the assessment is deferred must be assessed against other member insurers in the same manner as provided in this section. In the order of deferral or in subsequent orders as may be necessary, the director or his designee shall prescribe a plan by which the assessment deferred must be repaid to the association by the impaired insurer with interest at the six-month treasury bill rate adjusted semiannually. Profits, dividends, or other funds of the association to which the insurer is otherwise entitled may not be distributed to the impaired insurer but must be applied toward repayment of any assessment until the obligation has been satisfied. The association shall distribute the repayments, including interest on them, to the other member insurers on the basis on which assessments were made.
S.C. Code Ann. § 38-71-46 — SC Code / Title 38 / Chapter 71 / Article 1 / Section 38-71-46
SECTION 38-71-46. Diabetes Mellitus coverage in health insurance policies; diabetes education.
Status: in_force

(A) On or after January 1, 2000, every health maintenance organization, individual and group health insurance policy, or contract issued or renewed in this State must provide coverage for the equipment, supplies, Food and Drug Administration-approved medication indicated for the treatment of diabetes, and outpatient self-management training and education for the treatment of people with diabetes mellitus, if medically necessary, and prescribed by a health care professional who is legally authorized to prescribe such items and who demonstrates adherence to minimum standards of care for diabetes mellitus as adopted and published by the Diabetes Initiative of South Carolina. This subsection does not prohibit a health maintenance organization or an individual or a group health insurance policy from providing coverage for medication according to formulary or using network providers. Coverage must not be denied unless the health care professional demonstrates a persistent pattern of failure to adhere to the minimal standards of care and unless the health maintenance organization or insurer has first provided written notice to the health care professional that coverage will be denied if the health care professional fails to adhere to the minimal standards of care. (B) Services and payment for diabetes education programs shall conform to regulations of the Health Care Financing Administration, US Department of Health and Human Services, pursuant to Section 4105 of the Balanced Budget Act of 1997. Diabetes outpatient self-management training and education shall be provided by a registered or licensed health care professional with certification in diabetes by the National Certification Board of Diabetes Educators, or other accredited program approved by the Diabetes Initiative of South Carolina, or by the Diabetes Control Program of the SC Department of Health and Environmental Control in order to meet the needs of rural communities wherein certified health care professionals providing this service are not available. (C) Nothing contained in this section may be construed to affect in any way the ability of a managed care plan to credential or recredential a provider. (D) For purposes of this section: "health insurance policy" means a health benefit plan, contract, or evidence of coverage providing health insurance coverage as defined in Section 38-71-670(6) and Section 38-71-840(14).
S.C. Code Ann. § 38-63-560 — SC Code / Title 38 / Chapter 63 / Article 5 / Section 38-63-560
SECTION 38-63-560. Additional benefits and premiums must be disregarded.
Status: in_force

Notwithstanding the provisions of SECTION 38-63-530, additional benefits payable: (a) in the event of death or dismemberment by accident or accidental means; (b) in the event of total and permanent disability; (c) as reversionary annuity or deferred reversionary annuity benefits; (d) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this article would not apply; (e) as term insurance on the life of a child or on the lives of children provided in a policy, on the life of a parent of the child, if the term insurance expires before the child's age is twenty-six, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child; and (f) as other policy benefits additional to life insurance and endowment benefits, and premiums for all these additional benefits, must be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this article, and these additional benefits are not required to be included in any paid-up nonforfeiture benefits.
S.C. Code Ann. § 38-73-90 — SC Code / Title 38 / Chapter 73 / Article 1 / Section 38-73-90
SECTION 38-73-90. Examinations of rating organizations, advisory groups, and other organizations.
Status: in_force

The director or his designee shall, at least once in five years, make or cause to be made an examination of each rating organization licensed in this State as provided in Section 38-73-1230. The director or his designee may, as often as he considers advisable, make or cause to be made an examination of each advisory organization referred to in Section 38-73-1510 and of each group, association, or other organization referred to in Section 38-73-1710. The reasonable costs of the examination must be paid by the rating organization, advisory organization, or group, association, or other organization examined upon presentation to it of a detailed account of the costs. The officers, manager, agents, and employees of these rating organizations, advisory organizations, or groups, associations, or other organizations may be examined at any time under oath and shall exhibit all books, records, accounts, documents or agreements governing their method of operation. These examinations are subject to the provisions of Sections 38-13-40 to 38-13-60. In lieu of an examination the director or his designee may accept the report of an examination made by the insurance supervisory official of another state pursuant to the laws of that state.
S.C. Code Ann. § 38-25-550 — SC Code / Title 38 / Chapter 25 / Article 7 / Section 38-25-550
SECTION 38-25-550. Prerequisites to pleading by unauthorized insurer; exemptions of eligible surplus lines insurer.
Status: in_force

(a) Before an unauthorized insurer files or causes to be filed any pleading in any court action, suit, or proceeding or any notice, order, pleading, or process in an administrative proceeding before the director or his designee instituted against the person or insurer, the insurer shall either: (1) Deposit with the clerk of court in which the action, suit, or proceeding is pending, or with the director or his designee in administrative proceedings before the director or his designee, cash or securities, or file with the clerk of court or the director or his designee a bond with good and sufficient sureties, to be approved by the clerk or director or his designee, in an amount to be fixed by the court or director or his designee sufficient to secure the payment of any final judgment which may be rendered in the action or administrative proceeding. (2) Procure a certificate of authority to transact the business of insurance in this State. In considering the application of an insurer for a certificate of authority, for the purposes of this paragraph, the director or his designee need not assert the provisions of Section 38-7-90 against the insurer with respect to its application if he determines that the insurer would otherwise comply with the requirements for a certificate of authority. (b) The director or his designee, in an administrative proceeding in which service is made as provided in Section 38-25-510, may in his discretion order a postponement as may be necessary to afford the defendant reasonable opportunity to comply with subsection (a) and to defend the action. (c) This section does not apply to an eligible surplus lines insurer which maintains the deposit required by Section 38-9-80 or which has on file with the department a surety bond issued by an admitted insurer in an amount determined by the director or his designee to be sufficient to meet the security requirements of Section 38-9-80. Before an eligible surplus lines insurer files or causes to be filed any action, suit, or proceeding in this State to enforce a right, claim, or demand arising out of the transaction of insurance, it shall produce evidence that the security deposit is presently on file or that the required surety bond is then in force and effect.
S.C. Code Ann. § 38-73-1260 — SC Code / Title 38 / Chapter 73 / Article 11 / Section 38-73-1260
SECTION 38-73-1260. Subscribers to rating organizations.
Status: in_force

Subject to rules and regulations which have been approved by the department as reasonable, each rating organization shall permit any insurer, not a member, to be a subscriber to its rating services for any kind of insurance, subdivision, or class of risk or part or combination thereof for which it is authorized to act as a rating organization. If the rating organization refuses to admit an insurer as a subscriber or fails to grant or reject an insurer's application for subscribership within thirty days after it was made, the insurer may request a review by the director or his designee. Upon review the failure to act must be treated as a rejection of the application. If the director or his designee finds at a hearing, held upon at least thirty days' written notice to the rating organization, that the insurer has been refused admittance to the rating organization as a subscriber without justification, he shall order the rating organization to admit the insurer as a subscriber. If he finds that the action of the rating organization was justified, the director or his designee shall make an order affirming its action. Each rating organization shall furnish its rating services without discrimination to its members and subscribers.
S.C. Code Ann. § 38-27-560 — SC Code / Title 38 / Chapter 27 / Article 5 / Section 38-27-560
SECTION 38-27-560. Special claims.
Status: in_force

(a) The claim of a third party which is contingent only on his first obtaining a judgment against the insured must be considered and allowed as if there were no contingency. (b) A claim may be allowed even if contingent, if it is filed in accordance with Section 38-27-540. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation. (c) Claims that are due except for the passage of time must be treated as absolute claims are treated, except that the claims may be discounted at the legal rate of interest. (d) Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under Section 38-27-320 or 38-27-370.
S.C. Code Ann. § 38-13-60 — SC Code / Title 38 / Chapter 13 / Article 1 / Section 38-13-60
SECTION 38-13-60. Immunity from liability; recovery of attorney fees and costs if prevailing party.
Status: in_force

(A) No cause of action may arise nor may liability be imposed against: (1) the director, the director's authorized representatives or his designees, or an examiner appointed by the director for statements made or conduct performed in good faith while carrying out Sections 38-13-10 through 38-13-40; (2) a person for communicating or delivering information or data to the director or the director's authorized representative or examiner pursuant to an examination made under Sections 38-13-10 through 38-13-40 if the communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive. (B) This section does not abrogate or modify common law or statutory privilege or immunity enjoyed by a person identified in subsection (A). (C) A person identified in subsection (A) may receive attorney's fees and costs if he is the prevailing party in a civil cause of action for libel, slander, or another relevant tort arising out of his activities in carrying out Sections 38-13-10 through 38-13-40 and the party bringing the action was not justified substantially in doing so. For purposes of this section a proceeding is "substantially justified" if it had a reasonable basis in law or fact at the time that it was initiated.
S.C. Code Ann. § 38-21-30 — SC Code / Title 38 / Chapter 21 / Section 38-21-30
SECTION 38-21-30. Authority of insurers to invest in securities of subsidiaries.
Status: in_force

In addition to investment in common stock, preferred stock, debt obligations, and other securities permitted under this title, a domestic insurer may also: (1) invest, in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, amounts which do not exceed the lesser of ten percent of the insurer's assets or fifty percent of the insurer's surplus as regards policyholders if, after these investments, the insurer's surplus as regards policyholders must be reasonable in relation to the insurer's outstanding liabilities and adequate to meet its financial needs. In calculating the amount of the investments, investments in domestic or foreign insurance subsidiaries and health maintenance organizations must be excluded, and there must be included (a) total net monies or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of the subsidiary whether or not represented by the purchase of capital stock or issuance of other securities, and (b) all amounts expended in acquiring additional common stock, preferred stock, debt obligations, and other securities and all contributions to the capital or surplus of a subsidiary after its acquisition or formation; (2) invest any amount in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer if each subsidiary agrees to limit its investments in any asset so that the investments will not cause the total investment of the insurer to exceed any of the investment limitations specified in item (1) or in the investment laws or regulations of this State. For the purpose of this item, "the total investment of the insurer" includes (a) any direct investment by the insurer in an asset, and (b) the insurer's proportionate share of any investment in an asset by a subsidiary of the insurer, which must be calculated by multiplying the amount of the subsidiary's investment by the percentage of the ownership of the subsidiary; (3) with the approval of the director or his designee, invest any greater amount in common stock, preferred stock, debt obligations, or other securities of one or more subsidiaries if after such investment the insurer's surplus as regards policyholders will be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. Effect of Amendment 2025 Act No. 17, SECTION 2, in (1), in the second sentence, inserted "and health maintenance organizations" following subsidiaries; and made other nonsubstantive changes.
S.C. Code Ann. § 38-73-1080 — SC Code / Title 38 / Chapter 73 / Article 9 / Section 38-73-1080
SECTION 38-73-1080. Information to be furnished insureds; hearings and appeals of insureds.
Status: in_force

Every rating organization and every insurer which makes its own rates shall, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, furnish to any insured affected by a rate made by it or to the authorized representative of the insured all pertinent information as to the rate. Every rating organization and every insurer which makes its own rates shall provide within this State reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his authorized representative, on his written request to review the manner in which the rating system has been applied in connection with the insurance afforded him. If the rating organization or insurer fails to grant or reject the request within thirty days after it is made, the applicant may proceed in the same manner as if his application had been rejected. Any party affected by the action of the rating organization or the insurer on the request may, within thirty days after written notice of the action, appeal to the director or his designee, who, after a hearing held upon not less than thirty days' written notice to the appellant and to the rating organization or insurer, may affirm or reverse the action.
S.C. Code Ann. § 38-13-40 — SC Code / Title 38 / Chapter 13 / Article 1 / Section 38-13-40
SECTION 38-13-40. Examiners not to be appointed if conflict of interest exists; exceptions.
Status: in_force

(A) No examiner may be appointed by the director if the examiner, directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in a person subject to examination under Section 38-13-10. This section does not preclude automatically an examiner from being: (1) a policyholder or claimant under an insurance policy; (2) a grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business; (3) an investment owner in shares of regulated diversified investment companies; or (4) a settlor or beneficiary or a 'blind trust' into which otherwise impermissible holdings have been placed. (B) Notwithstanding the requirements of this section, the director may retain on an individual basis qualified actuaries, certified public accountants, or other similar individuals who are practicing their professions independently, even though the persons may be employed or retained similarly by persons subject to examination under Section 38-13-10.