reglab/housing_qa huggingface dataset:
SC Code § 38-9-430 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters|Section 38-9-430. Exemptions from application of article.

 The director may exempt from the application of this article:  (1) a domestic property and casualty insurer that:  (a) writes direct business only in this State;  (b) writes direct annual written premiums of two million dollars or less; and  (c) assumes no reinsurance in excess of five percent of its direct written premium; and  (2) a domestic health organization that:  (a) writes direct business only in this State;  (b) assumes no reinsurance in excess of five percent of direct premium written; and  (c) writes direct annual premiums of one million dollars or less.  HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 12, eff January 1, 2015.  Effect of Amendment  2014 Act No. 164, Section 12, rewrote the section.
SC Code § 38-9-440 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters|Section 38-9-440. Applicability of RBC (risk based capital) requirements to foreign insurers.

 (A) A foreign licensee, upon written request by the director, must submit an RBC Report as of the end of the preceding calendar year not later than the date that an RBC Report would be required to be filed by a domestic licensee under this article or fifteen days after that request is received by the foreign licensee. In addition, a foreign licensee, upon written request by the director, must promptly submit a copy of an RBC document that has been filed with the chief insurance regulatory officer of another state.  (B) In the event of a Company Action Level Event, Regulatory Action Level Event, or Authorized Control Level Event by a foreign licensee as determined under the RBC Laws in its state of domicile or, if no RBC Laws are in force in that state, as determined under the provisions of this article, if the chief insurance regulatory officer of the state of domicile of that foreign licensee fails to require the foreign licensee to file an RBC Plan in the manner specified under that state's RBC Laws or, if no RBC statute is in force in that state, under Section 38-9-330, then the director may require the foreign licensee to file an RBC Plan. The failure of the foreign licensee to file an RBC Plan with the director is grounds for the director to order the foreign licensee to cease and desist from writing new insurance business in this State.  (C) In the event of a Mandatory Control Level Event by a foreign licensee, if no domiciliary receiver has been appointed for the foreign licensee under the rehabilitation and liquidation laws of its state of domicile, then the director may petition the circuit court pursuant to Section 38-27-910, et seq., for the liquidation of its property in this State. The occurrence of the Mandatory Control Level Event must be considered grounds for the petition.  HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 13, eff January 1, 2015.  Effect of Amendment  2014 Act No. 164, Section 13, substituted "licensee" for "insurer" throughout, and made other nonsubstantive changes.
SC Code § 38-9-450 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters|Section 38-9-450. Limitation of liability.

 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.  HISTORY: 1996 Act No. 254, Section 2.
SC Code § 38-9-460 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters|Section 38-9-460. Notification by director which may result in regulatory action.

 All notices by the director which may result in regulatory action under this article must be transmitted by registered or certified mail. Those notices are effective upon the licensee's receipt.  HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 14, eff January 1, 2015.  Effect of Amendment  2014 Act No. 164, Section 14, substituted "licensee's" for "insurer's".
SC Code § 38-10-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 10 - Protected Cell Insurance Companies|Section 38-10-10. Purpose.

 This chapter is adopted to provide a basis for the creation of protected cells by a domestic insurer or captive insurer as defined in Chapter 90 as one means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer's insurance obligations or to repay the investors, or both. The creation of protected cells is intended to be a means to achieve more efficiencies in conducting insurance securitizations.  HISTORY: 2000 Act No. 238, Section 2; 2001 Act No. 58, Section 15, eff May 29, 2001.
SC Code § 38-10-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 10 - Protected Cell Insurance Companies|Section 38-10-60. Conservation, rehabilitation, or liquidation; amount recoverable by receiver.

 (A) Notwithstanding any other provision of law or regulation, upon an order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in accordance with the requirements set forth in this chapter.  (B) With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver may not be reduced or diminished as a result of the entry of an order of conservation, rehabilitation, or liquidation with respect to the protected cell company, notwithstanding any provisions to the contrary in the contracts or other documentation governing the protected cell company insurance securitization.  HISTORY: 2000 Act No. 238, Section 2.
SC Code § 38-10-70 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 10 - Protected Cell Insurance Companies|Section 38-10-70. Protected cell insurance securitization as insurance contract; investor, underwriters and officers as conducting insurance business.

 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.  HISTORY: 2000 Act No. 238, Section 2.
SC Code § 38-10-80 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 10 - Protected Cell Insurance Companies|Section 38-10-80. Promulgation of regulations.

 The director may promulgate regulations necessary to effectuate the purposes of this chapter.  HISTORY: 2000 Act No. 238, Section 2.
SC Code § 38-12-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-10. Short title.

 This chapter may be cited as the "Investments of Insurers Act".  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.  Editor's Note  2002 Act No. 319, Section 1, provides as follows:  "The legislative intent of this chapter is to protect the interests of the insured in this State by promoting insurer solvency and financial strength, to be accomplished through the application of investment standards that facilitate a reasonable balance of the following objectives:  "(1) preserving principal;  "(2) assuring reasonable diversification as to type of investment, issuer, and credit quality; and  "(3) allowing insurers to allocate investments in a manner consistent with principles of prudent investment management to achieve a return adequate to meeting obligations to insureds and financial strength sufficient to cover reasonably foreseeable contingencies."
SC Code § 38-12-20 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-20. Scope of chapter.

 This chapter applies to all domestic insurers. Foreign insurers and United States branches of alien insurers transacting an insurance business in this State shall maintain investments of the same general type and character as specified for domestic insurers, except that investments of substantially the same quality as those specified in this chapter, authorized by the law of the insurer's state of domicile, or state of entry if an alien insurer, may be recognized as eligible investments for purposes of this chapter by the director or his designee in the sound exercise of his discretion. This chapter does not apply to separate accounts of an insurer except to the extent provided by Chapter 67 of this title.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-50 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-50. Board of director responsibilities; adoption of written investment plan; review of portfolio; records of authorizations.

 (A) Within three months after the effective date of this chapter, the board of directors of an insurer shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that specifies guidelines as to the quality, maturity, and diversification of investments and other specifications including investment strategies intended to assure that the investments and investment practices are appropriate for the business conducted by the insurer, its liquidity needs and its capital and surplus. The board shall review and assess the insurer's technical investment and administrative capabilities and expertise before adopting a written plan concerning an investment strategy or investment practice.  (B) Investments acquired and held and investment practices engaged in pursuant to this chapter must be acquired and held under the supervision and direction of the board of directors of the insurer or a committee of the board charged with the responsibility to direct its investments. The board of directors or a committee of the board charged with the responsibility to direct its investments shall evidence by formal resolution, at least annually, that it has determined whether all investments have been made in accordance with delegations, standards, limitations, and investment objectives prescribed by the board or a committee of the board charged with the responsibility to direct its investments.  (C) On not less than a quarterly basis, and more often if considered appropriate, the board of directors or committee of the board of directors of an insurer shall:  (1) receive and review a summary report on the insurer's investment portfolio, its investment activities, and investment practices engaged in pursuant to delegated authority so as to determine whether the investment activity of the insurer is consistent with its written plan; and  (2) review and revise, as appropriate, the written plan.  (D) In discharging its duties pursuant to this section, the board of directors shall require that records of authorizations or approvals, other documentation as the board may require, and reports of action taken pursuant to authority delegated under the plan referred to in subsection (A) must be made available on a regular basis to the board of directors.  (E) The directors of an insurer shall perform their duties pursuant to this section in good faith and with that degree of care that ordinarily prudent individuals in like positions would use under similar circumstances.  (F) If an insurer does not have a board of directors, all references to the board of directors in this chapter are considered to be references to the governing body of the insurer having authority equivalent to that of a board of directors.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-60 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-60. Prohibited actions of insurer.

 (A) An insurer, directly or indirectly, may not:  (1) invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in Section 38-12-70;  (2) invest in an obligation or security, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which ten percent or more of the voting securities or equity interests are owned directly or indirectly by or for the benefit of one or more officers or directors of the insurer, except as authorized in Chapter 21 of this title or as provided in Section 38-12-70;  (3) engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this chapter;  (4) invest in a partnership as a general partner, except that an insurer may make an investment as a general partner:  (a) if all other partners in the partnership are subsidiaries or other insurance company affiliates of the insurer;  (b) for the purpose of:  (i) meeting cash calls committed to before the effective date of this chapter;  (ii) completing those specific projects or activities of the partnership in which the insurer was a general partner as of the effective date of this chapter that had been undertaken as of that date; or  (iii) making capital improvements to property owned by the partnership on the effective date of this chapter if the insurer was a general partner as of that date; or  (c) in accordance with Section 38-12-40(C); or  (5) invest in or lend its funds upon the security of shares of its own stock, except as authorized by other provisions of this title, except that those shares must not be admitted assets of the insurer.  (B) This section does not prohibit a subsidiary or other affiliate of the insurer from becoming a general partner.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-80 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-80. Asset valuation.

 For purposes of this chapter, the value or amount of an investment acquired or held, or an investment practice engaged in pursuant to this chapter, unless otherwise specified in this title, must be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the NAIC.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-90 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-90. Regulations.

 The director, in accordance with Section 38-3-110, may promulgate regulations implementing the provisions of this chapter.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-210 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-210. Scope of article.

 This article applies to the investments and investment practices of life and health insurers, and other companies whose investments and investment practices are regulated as if they were life and health insurers under this title, subject to the provisions of Section 38-12-20.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-250 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-250. Equity interests in domestic business entities; percentage of assets limitation; short sales.

 (A) Subject to the limitations of Section 38-12-220, an insurer may acquire directly, or through an investment affiliate, equity interests in business entities organized pursuant to the laws of any domestic jurisdiction.  (B) An insurer may not acquire directly, or through an investment affiliate, an investment pursuant to this section if as a result of and after giving effect to the investment the aggregate amount of investments then held by the insurer pursuant to this section exceeds twenty percent of its admitted assets, or, except for mutual funds, the amount of equity interests then held by the insurer that are not listed on a qualified exchange exceeds five percent of its admitted assets. An accident and health insurer is not subject to this section but is subject to the same aggregate limitation on equity interests as a property and casualty insurer pursuant to Section 38-12-460 and also to the provisions of Section 38-12-420.  (C) An insurer may not acquire pursuant to this section investments that the insurer may acquire pursuant to Section 38-12-270 or pursuant to Chapter 21 of this title.  (D) An insurer may not short sell an equity interest unless the insurer covers the short sale by owning the equity interest or an unrestricted right to the equity interest exercisable within six months of the short sale.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-260 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-260. Tangible personal property; valuation; limitations.

 (A)(1) Subject to the limitations of Section 38-12-220, an insurer may acquire tangible personal property or equity interests in tangible personal property, located or used wholly or in part within a domestic jurisdiction, directly or indirectly through:  (a) limited partnership interests or general partnership interests not otherwise prohibited by Section 38-12-60(A)(4);  (b) joint ventures;  (c) stock of an investment affiliate;  (d) membership interests in a limited liability company;  (e) trust certificates; or  (f) other similar instruments.  (2) Investments acquired pursuant to item (1) are eligible only if:  (a) the property is subject to a lease or other agreement with a person whose rated credit instruments in the amount of the purchase price of the personal property the insurer could then acquire pursuant to Section 38-12-230; and  (b) the lease or other agreement provides the insurer the right to receive rental, purchase, or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, are adequate to return the cost of the insurer's investment in the property plus a return considered adequate by the insurer.  (B) The insurer shall compute the amount of each investment pursuant to this section on the basis of the out-of-pocket purchase price and applicable related expenses paid by the insurer for the investment, net of each borrowing made to finance the purchase price and expenses to the extent the borrowing is without recourse to the insurer.  (C) An insurer may not acquire, directly or indirectly through an investment affiliate, an investment pursuant to this section if as a result of and after giving effect to the investment the aggregate amount of all investments then held by the insurer pursuant to this section exceeds:  (1) two percent of its admitted assets; or  (2) one-half of one percent of its admitted assets as to a single item of tangible personal property.  (D) For purposes of determining compliance with the limitations of Section 38-12-220, investments acquired by an insurer pursuant to this section must be aggregated with those acquired pursuant to Section 38-12-230, and each lessee of the property pursuant to a lease referred to in this section is considered the issuer of an obligation in the amount of the investment of the insurer in the property determined as provided in subsection (B).  (E) Nothing in this section applies to tangible personal property lease arrangements between an insurer and its subsidiaries and affiliates pursuant to a cost sharing arrangement or agreement permitted pursuant to Chapter 21 of this title.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-310 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-310. Life insurer loan to policyholder.

 A life insurer may lend to a policyholder on the security of the cash surrender value of the policyholder's policy a sum not exceeding the legal reserve the insurer is required to maintain on the policy.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-410 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-410. Scope of article.

 This article applies to the investments and investment practices of property and casualty, financial guaranty, and mortgage guaranty insurers, subject to the provisions of Section 38-12-20.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.
SC Code § 38-12-420 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 12 - South Carolina Investments Laws|Section 38-12-420. Asset and reserve requirements; notice of deficiency; notice to eliminate noncompliance.

 (A) Each property and casualty, financial guaranty, mortgage guaranty, or accident and health insurer shall have and maintain investments and engage in investment practices of the classes described in Sections 38-12-430 through 38-12-520 subject to the limitations contained in those sections to the extent of policyholder obligations and minimum capital, or guaranty fund, and surplus less an amount equal to thirty percent of its surplus as regards policyholders. In no event may a property and casualty, financial guaranty, mortgage guaranty, or accident and health insurer have and maintain investments and investment practices of the types described in the immediately preceding sentence in an amount less than seventy percent of policyholder obligations and one hundred percent of the minimum required capital, or guaranty fund, and surplus. A property and casualty, financial guaranty, mortgage guaranty, or accident and health insurer may invest its assets in excess of those required pursuant to the two immediately preceding sentences at the discretion of the insurer without regard to any of the limitations contained in Sections 38-12-430 through 38-12-520.  (B) If a property and casualty, financial guaranty, mortgage guaranty, or accident and health insurer's assets and reserves do not comply with subsection (A), the insurer shall notify the director immediately of the amount by which the reserve requirements exceed the annual statement value of the qualifying assets and explain the reason for the deficiency. Within thirty days of the date of the notice, the insurer shall propose a plan of action to remedy the deficiency.  (C)(1) If the director determines that a property and casualty, financial guaranty, mortgage guaranty, or accident and health insurer is not in compliance with subsection (A), the director shall require the insurer to eliminate the noncompliance within a specified time from the date the notice of the requirement is delivered to the insurer.  (2) If an insurer fails to comply with the director's requirement described in item (1), the insurer is considered to be in hazardous financial condition, the director shall take action as authorized by law as to an insurer in hazardous financial condition.  HISTORY: 2002 Act No. 319, Section 2, eff June 3, 2002.