reglab/housing_qa huggingface dataset:
SC Code § 38-13-750 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-750. Conflict of interest prohibited.

 The director may not assign an examiner that has a conflict of interest.  HISTORY: 2010 Act No. 146, Section 117, eff March 30, 2010.
SC Code § 38-13-760 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-760. Department to pay charges.

 The Department of Employment and Workforce shall pay the charges incurred in the examination, including the expenses of the director and the expenses and compensation of his examiners and assistants.  HISTORY: 2010 Act No. 146, Section 117, eff March 30, 2010.
SC Code § 38-13-770 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-770. Inquiries regarding administration of unemployment compensation fund; prompt written reply.

 The director may require the Department of Employment and Workforce to answer any inquiry in relation to the administration of the unemployment compensation fund. The Executive Director of the Department of Employment and Workforce must promptly reply in writing.  HISTORY: 2010 Act No. 146, Section 117, eff March 30, 2010.
SC Code § 38-13-810 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-810. Purpose; application; findings.

 (A) The purpose of this article is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment (ORSA) and provide guidance and instructions for filing an ORSA Summary Report with the insurance director of this State.  (B) The requirements of this article apply to all insurers domiciled in this State unless exempt pursuant to Section 38-13-860.  (C) The General Assembly finds and declares that an ORSA Summary Report contains confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information includes proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the General Assembly that:  (1) an ORSA Summary Report, including all documents, materials, or other information related to its preparation, is a confidential document filed with the director and only may be shared as stated in this article;  (2) an ORSA Summary Report will be used to assist the director in the performance of his duties; and  (3) in no event may an ORSA Summary Report and its accompanying documents be subject to public disclosure.  (D) Nothing in this section prohibits an order from a court of competent jurisdiction requiring an insurance company that is subject to this article to produce an ORSA Summary Report.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.  Code Commissioner's Note  At the direction of the Code Commissioner in 2017, in (A), "this article" was substituted for "this act" to correct a clerical error.
SC Code § 38-13-820 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-820. Definitions.

 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.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-830 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-830. Risk management framework.

 An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-840 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-840. Insurers required to conduct ORSA on no less than an annual basis.

 Subject to Section 38-13-860, an insurer, or the insurance group of which the insurer is a member, regularly shall conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA must be conducted no less than annually but also when significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member occur.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-850 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-850. ORSA Summary Reports.

 (A) Upon the director's request, and no more than once each year, an insurer shall submit to the director an ORSA Summary Report or a combination of reports that contain the information described in the ORSA Guidance Manual, applicable to the insurer and/or the insurance group of which it is a member. Notwithstanding a request from the director, if the insurer is a member of an insurance group, the insurer shall submit the reports required by this subsection if the director is the lead state director of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.  (B) The reports must include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or other appropriate committees.  (C) An insurer may comply with subsection (A) by providing the most recent and substantially similar reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. A report in a language other than English must be accompanied by a translation of that report into the English language.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-870 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-870. Preparation of ORSA Summary Report; review; requests for information.

 (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.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-890 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-890. Penalties.

 An insurer who, without just cause, fails to timely file the ORSA Summary Report shall, after notice and hearing, pay a penalty of one thousand dollars for each day's delay, to be recovered by the director. The penalty funds recovered must be paid into the General Revenue Fund of this State. The maximum penalty under this section is thirty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.
SC Code § 38-13-900 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-900. Effective date.

 The requirements of this article become effective on January 1, 2018. The first filing of an ORSA Summary Report must take place in 2018 pursuant to Section 38-13-850.  HISTORY: 2017 Act No. 48 (S.254), Section 1, eff January 1, 2018.  Code Commissioner's Note  At the direction of the Code Commissioner in 2017, in (A), "this article" was substituted for "this act" to correct a clerical error.
SC Code § 38-13-1000 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1000. Purpose; construction; application.

 (A) The purpose of this article is to:  (1) provide the director a summary of an insurer's or insurance group's corporate governance structure, policies, and practices to permit the director to gain and maintain an understanding of the insurer's corporate governance framework;  (2) outline the requirements for completing a corporate governance annual disclosure and submitting the disclosure to the director; and  (3) provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.  (B) Nothing in this article may be construed to prescribe or impose corporate governance standards and internal procedures beyond what is required under applicable state corporate law. Notwithstanding the foregoing, nothing in this article may be construed to limit the director's authority or the rights or obligations of third parties, pursuant to Section 38-13-10, et seq.  (C) The requirements of this article apply to all insurers domiciled in this State and do not apply to risk retention groups or captive insurance companies.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1010 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1010. Definitions.

 For the purposes of this article:  (1) "Corporate Governance Annual Disclosure" or "CGAD" means a confidential report filed by an insurer or insurance group made in accordance with the requirements of this article.  (2) "Director" means the Director of the Department of Insurance or his designee.  (3) "Insurance group" means insurers and affiliates included within an insurance holding company system as defined in Section 38-21-10.  (4) "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.  (5) "NAIC" means the National Association of Insurance Commissioners.  (6) "ORSA summary report" means the report filed in accordance with Article 8 of this chapter.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1020 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1020. Submission of Corporate Governance Annual Disclosure.

 (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.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1030 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1030. Rules, regulations, and orders.

 The director may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders necessary to carry out the provisions of this article.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1040 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1040. Discretion over responses to inquiries; examination of documentation and supporting information.

 (A) The insurer or insurance group has discretion over the responses to the CGAD inquiries, provided the CGAD shall contain the material information necessary to permit the director to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The director may request additional information that he deems material and necessary to provide him with a clear understanding of the corporate governance policies the reporting or information system or controls implementing those policies.  (B) The CGAD must be prepared consistent with the Corporate Governance Annual Disclosure Model Regulation, Regulation 69-80. Documentation and supporting information must be maintained and made available upon examination or upon request of the director.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1060 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1060. Retention of third-party consultants.

 (A) The director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff as may be reasonably necessary to assist the director in reviewing the CGAD and related information or the insurer's compliance.  (B) Any persons retained are under the direction and control of the director and shall act in a purely advisory capacity.  (C) The NAIC and third-party consultants are subject to the same confidentiality standards and requirements as the director.  (D) As part of the retention process, a third-party consultant shall verify to the director, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this article.  (E) A written agreement with the NAIC or a third-party consultant governing sharing and the use of information provided pursuant to this article shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided pursuant to this article:  (1) specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant;  (2) procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has certified in writing the legal authority to maintain confidentiality;  (3) a provision specifying that ownership of the CGAD-related information shared with other NAIC or a third-party consultant remains with the Department of Insurance and the NAIC's or third-party consultant's use of the information is subject to the direction of the director;  (4) a provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;  (5) a provision requiring the NAIC or third-party consultant to provide prompt notice to the director and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's CGAD-related information; and  (6) a requirement that the NAIC or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1070 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1070. Penalties.

 Any insurer who, without just cause, fails to timely file the CGAD shall, after notice and an opportunity for a hearing, pay a penalty of one thousand dollars for each day's delay, to be recovered by the director. The penalty funds recovered must be paid into the general fund of this State. The maximum penalty under this section is twenty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-13-1080 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 13 - Examinations, Investigations, Records, And Reports|Section 38-13-1080. Effective date of this article.

 The requirements of this article become effective on January 1, 2020. The first filing of the corporate governance annual disclosure must take place on June 1, 2020.  HISTORY: 2019 Act No. 3 (S.75), Section 1, eff March 20, 2019.
SC Code § 38-14-10 (2021)
2021 South Carolina Code of Laws|Title 38 - Insurance|Chapter 14 - Special Purpose Reinsurance Vehicle Model Act|Section 38-14-10. Purpose of chapter.

 This chapter provides for the creation of Special Purpose Reinsurance Vehicles (SPRVs) exclusively to facilitate the securitization of one or more ceding insurers' risk as a means of accessing alternative sources of capital and achieving the benefits of securitization. Investors in fully funded insurance securitization transactions provide funds that are available to the SPRV to secure the aggregate limit under a SPRV contract that provides coverage against the occurrence of a triggering event. The creation of SPRVs is intended to achieve greater efficiencies in conducting insurance securitizations, to diversify and broaden insurers' access to sources of risk-bearing capital, and to make insurance securitization generally available on reasonable terms to as many United States insurers as possible.  Under the terms of the typical securities underlying an insurance securitization transaction, proceeds from the issuance of securities are repaid to the investor on a specified maturity date with interest or dividends unless a triggering event occurs. The insurance securitization proceeds are available to pay the SPRV's obligations to the ceding insurer if a triggering event occurs, as well as being available to satisfy the SPRV's obligation to repay the insurance securitization investors if a triggering event does not occur. Insurance securitization transactions have been performed by alien companies to utilize efficiencies available to alien companies that are not currently available to domestic companies. This chapter allows more efficiency in conducting insurance securitizations, allows domestic ceding insurers easier access to alternative sources of risk-bearing capital, and promotes the benefits of insurance securitization to United States insurers.  HISTORY: 2002 Act No. 259, Section 1, eff May 20, 2002.