reglab/statecodes huggingface dataset:
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-18 - Title Insurance

Current through Register Vol. 48, No. 6, June 28, 2024
Section 1.
		  Purposes. The within Regulation is predicated upon recognition of the fact
		  that, as presently constituted, the title insurance business is characterized
		  by reverse competition, which is to say that competition among title insurers
		  regularly takes the form of insurers vying with each other for the favor of
		  mortgage lenders, attorneys, or others who control, or who may control, the
		  placement of the title insurance with title insurers. Such reverse competition
		  tends to increase title insurance premiums or to prevent lowering of such
		  premiums in order that greater commissions or other allowances may be paid to
		  agents or mortgage lenders for such business as a means of obtaining the
		  placement of business controlled by the agent with the insurer paying the
		  highest commissions. In addition, other inducements are made to mortgage
		  lenders, attorneys, or others who control, or who may control, such business by
		  title insurers as a means of securing the placement of such business with the
		  insurers offering the inducements. The reciprocal of such inducements is that
		  mortgage lenders or others have resorted to practices which constitute or
		  border upon coercion, intimidation, or boycott in order to obtain or increase
		  their participation in the title insurance premiums. Manifestly, reverse
		  competition works to the detriment, rather than in favor of, the consumer who
		  is called upon to pay the title insurance premiums, and this reverse
		  competition operates to thwart normal economic forces which would otherwise
		  tend to lower title insurance premiums.
(a)
		  Inasmuch as acts of coercion, boycott, or intimidation are not saved by the
		  McCarran-Ferguson Act from application of the Federal antitrust and Federal
		  Trade Commission laws, even though such acts relate to the business of
		  insurance, this State is in danger of being ousted of its regulatory authority
		  over title insurance if prevalent practices and abuses are suffered by this
		  State to continue.
(b) Title
		  insurers which abstain from the payment of excessive commissions or the
		  offering of such inducements either because they deem the same to be morally
		  wrong, or because they fear Federal prosecution, cannot operate or expand their
		  operations within this State because of the competitive disadvantage which they
		  suffer through refusing to offer such inducements.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-23 - Adjuster, Public Adjuster, Appraiser, Broker, Bondsmen, Runner, Producer and Agency Licenses

Current through Register Vol. 48, No. 6, June 28, 2024
Section I.
		  Purpose
The purpose of this regulation is to specify requirements related
			 to licenses issued by the Department.
Section II. Licenses required for each agency
A. Each agency, as defined in Section
		  38-1-20(26)
		  of the 1976 Code, as amended, shall make application for licensure to the
		  director or his designee on the Uniform Business Entity Application and declare
		  under penalty of refusal, suspension or revocation of the license that the
		  statements made in the application are true, correct, and complete to the best
		  of the applicant's knowledge and belief. This applies to each corporation,
		  association, partnership, limited liability company, limited liability
		  partnership, or other business entity in which more than one person has a
		  financial interest or which operates under a corporate or trade name. The
		  requirement for an agency license does not apply to any agency owned by, and
		  operated under the name of, an individual licensed producer, so long as no
		  other person, firm or entity has any interest in, or affiliation with, the
		  business of the individual producer or his agency.
B. No such agency shall be licensed under a
		  name which is likely to lead a person of average intelligence to believe that
		  the agency is an insurer, an agency of any government, or a club, fraternity,
		  association or social or military organization, or which is otherwise deceptive
		  or misleading. Foreign corporations, limited partnerships and any other
		  entities are required by law to be registered with the South Carolina Secretary
		  of State's Office.
C. The agency is
		  required to submit the application to the Department of Insurance and to pay
		  the required fee; however, each insurer is required to notify all its agencies
		  of their responsibility to file an agency application and to pay the required
		  fee. Only one agency license is required for each agency regardless of the
		  number of insurers it represents or the number of locations. At any time that
		  an agency has no stockholder, officer, director, member, employee or associate
		  possessing a current, active individual producer's license, the agency license
		  shall be deemed terminated.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-25 - Prohibition Against Decreases in Income Benefits From Group Disability Policies Due to Increases in Social Security Benefits

Current through Register Vol. 48, No. 6, June 28, 2024
Section
		  1. Purpose. The purpose of this Regulation is to prohibit insurers
		  from including an offset of increased social security benefits in group
		  disability income policies. While there may be justification from a rate
		  standpoint for permitting integration of disability income benefits and social
		  security benefits in determining the initial disability income payment to a
		  disabled person, there is no justification for offsetting increases in social
		  security benefits that occur after the disability commences. When Congress
		  increases social security benefits to disabled persons it is to provide the
		  disabled persons with additional income regardless of any other income or
		  insurance benefits payable to such persons. Accordingly, to permit such an
		  offset would nullify the purpose of the social security legislation and would
		  result in an inequity which is contrary to the expectations of the disabled
		  insured.
Section 2. Applicability.
		  This Regulation shall apply to all group disability income policies delivered
		  or issued for delivery in this State after the effective date hereof; and to
		  existing group policies on the renewal anniversary date.
Section 3. Prohibition. No group disability
		  income policy which integrates benefits with social security benefits shall
		  provide that the amount of any disability benefit actually being paid to the
		  disabled person shall be reduced by changes in the level of social security
		  benefits resulting either from changes in the social security law or due to
		  cost of living adjustments which become effective after the first day for which
		  disability benefits become payable.
Section
		  4. Effective Date. This Regulation shall take effect 120 days
		  after it has been filed with the Secretary of State.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-27 - Guaranty Act-Applicability

Current through Register Vol. 48, No. 6, June 28, 2024
Section
		  1. Purpose. The purpose of this regulation is to require that
		  brokers fully and fairly disclose to all policyholders of insurers not licensed
		  to do business in this State that the provisions of the South Carolina
		  Insurance Guaranty Association Act, (Sections
		  38-31-30
		  et seq., Code of Laws of South Carolina, 1976, as amended) which protect
		  policyholders in the event of a property and casualty company insolvency, do
		  not apply to an unauthorized, unlicensed carrier.
Section 2. Requirement. Consistent with the
		  above stated purpose, on or after the effective date of this regulation, no
		  broker shall place or renew any insurance with any insurer not licensed in this
		  State unless he shall write or stamp upon the face of each policy or evidence
		  of renewal of an insurer not licensed in this State the words "The S. C.
		  Guaranty Act does not apply to this policy."
Section 3. Alternative. Inasmuch as Section
		  38-45-110,
		  South Carolina Code of Laws, similarly requires that the words "This Company
		  Not Licensed to do business in this State" to be written or stamped upon the
		  face of each policy of an insurer not licensed in this State, the two
		  requirements may be filled conjunctively. To Wit: In fulfilling the
		  requirements of Section
		  38-45-110
		  and this Regulation, the broker may write or stamp upon the face of each policy
		  or evidence of renewal of an insurer not licensed in this State the words "This
		  Company is Not Licensed to do Business in this State, and the S. C. Guaranty
		  Act does Not Apply to This Policy." (Provisions based on Insurance Commission
		  designation R11-76.)
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-29 - Suitability in Annuity Transactions

Current through Register Vol. 48, No. 6, June 28, 2024
Section I.
		  Purpose
A. The purpose of this regulation is
		  to require producers, as defined in this regulation, to act in the best
		  interest of the consumer when making a recommendation of an annuity and to
		  require insurers to establish and maintain a system to supervise
		  recommendations and to set forth standards and procedures for recommendations
		  so that the insurance needs and financial objectives of consumers at the time
		  of the transaction are appropriately addressed.
B. Nothing herein shall be construed to
		  create or imply a private cause of action for a violation of this regulation or
		  subject a producer to civil liability under the best interest standard of care
		  outlined in Section V of this regulation or under standards governing the
		  conduct of a fiduciary or a fiduciary relationship.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-30 - Life Insurance Disclosure Regulation

Current through Register Vol. 48, No. 6, June 28, 2024
This regulation requires that all persons selling or soliciting
			 the sale of life insurance furnish to prospective purchasers certain basic
			 information to enable these purchasers to accurately determine their insurance
			 needs and to make comparisons of available policies.
A. Authority. This regulation is adopted and
		  promulgated by the Director of the South Carolina Department of Insurance
		  pursuant to Sections
		  38-3-60,
		  38-63-10,
		  38-65-10,
		  38-69-10,
		  and Chapter 57 of the 1976 Code of Laws of South Carolina, as
		  amended.
B. Purpose.
(1) The purpose of this regulation is to
		  require insurers to deliver to purchasers of life insurance information that
		  will improve the buyer's ability to select the most appropriate plan of life
		  insurance for the buyer's needs and improve the buyer's understanding of the
		  basic features of the policy that has been purchased or is under
		  consideration.
(2) This regulation
		  does not prohibit the use of additional material that is not a violation of
		  this regulation or any other South Carolina statute or regulation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-31 - Practice and Procedure for Hearings Before the Chief Insurance Commissioner under the State Administrative Procedures Act, Act No. 176 of 1977

Current through Register Vol. 48, No. 6, June 28, 2024
A. Scope of rules: The rules of procedure in
		  this regulation govern the practice for hearings, decisions, and administrative
		  review conducted by the Chief Insurance Commissioner of South Carolina pursuant
		  to statutory authority.
B. Records
		  to be public: All pleadings, correspondence, exhibits, transcripts of
		  testimony, exceptions, briefs, decisions, and other documents filed in the
		  docket in any proceeding may be inspected and copied in the office of the
		  Department Hearing Clerk. Inquiries may be made at or to the office of the
		  Department Hearing Clerk, South Carolina Department of Insurance, 2711
		  Middleburg Drive, P. O. Box 4067, Columbia, South Carolina, 29240.
C. Use of gender and number: As used in this
		  regulation, words importing the singular number may extend and be applied to
		  several persons or things, and vice versa. Words importing the masculine gender
		  may be applied to females or organizations.
D. Suspension of rules: Upon notice to all
		  parties, the presiding officer or the Chief Insurance Commissioner, with
		  respect to matters pending before them, may modify or waive any rule in this
		  regulation upon determination that no party will be unduly prejudiced and that
		  the ends of justice will thereby be served.
E. Appearance: A party may appear in person
		  or by counsel. Counsel for a party must be members in good standing of the
		  South Carolina Bar or associated with a member in good standing of the South
		  Carolina Bar.
F. Authority for
		  representation: Any individual acting in a representative capacity in any
		  proceeding may be required to show his authority to act in such
		  capacity.
G. Exclusion from hearing
		  for misconduct: Disrespectful, disorderly, or contumacious language or
		  contemptuous conduct, refusal to comply with directions, or use of dilatory
		  tactics by any person at any hearing shall constitute grounds for immediate
		  exclusion of such person from the hearing by the presiding officer or by the
		  Chief Insurance Commissioner.
H.
		  Parties; South Carolina Department of Insurance deemed a party:
(1) The term "party" means each person or
		  agency named in a notice of opportunity for hearing and petition or admitted as
		  a party, or properly seeking and entitled as a matter of right to be admitted
		  as a party.
(2) The term "person"
		  means any individual, partnership, corporation, association, governmental
		  subdivision, or public or private organization of any character other than an
		  agency.
(3) The South Carolina
		  Department of Insurance shall be deemed a party to all proceedings.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-32 - Unfair Discrimination on the Basis of Blindness or Partial Blindness

Current through Register Vol. 48, No. 6, June 28, 2024
This regulation prohibits unfair discrimination against the blind
			 or partially blind in regard to rates or coverage by insurers.
A. The following are hereby identified as
		  acts or practices which constitute unfair discrimination between individuals of
		  the same class:
(1) Refusing to
		  insure,
(2) or refusing to continue
		  to insure,
(3) or limiting the
		  amount, extent or kind of coverage available to an individual.
(4) or charging an individual a different
		  rate from the same coverage solely because of blindness or partial
		  blindness.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-33 - Dates for Payment of License Fees/Appointment Fees for Adjusters, Agencies, Bail Bondsmen/Runners, Brokers, Motor Vehicle Physical Damage Appraisers, Premium Service Companies, Producer Appointments, Producers, Public Adjusters, Rental Car Companies, Service Contract Providers, Third Party Administrators and Utilization Review Agents

Current through Register Vol. 48, No. 6, June 28, 2024
Section
		  I. Purpose
The purpose of this regulation is to establish dates for the time
			 and manner of payment of license and appointment fees.
Section II. Scope
This regulation applies to all Adjusters, Agencies, Bail
			 Bondsmen/Runners, Brokers, Motor Vehicle Physical Damage Appraisers, Premium
			 Service Companies, Producer Appointments, Producers, Public Adjusters, Rental
			 Car Companies, Service Contract Providers, Third Party Administrators and
			 Utilization Review Agents. Except for Producers, individuals and entities are
			 not required to renew their initial license if the license was issued within
			 one hundred eighty (180) days of the first deadline for renewal.
Section III. Dates for Payment of
		  License and Appointment Fees
The deadline for payment of license and appointment fees is the
			 last day of the renewal period. Unless otherwise provided by applicable law,
			 the dates for payment of license and appointment fees will be as
			 follows:
A. Annual License Renewals
Third Party Administrators
February 1 - March 1
Bail Bondsmen/Runners
June 1 - June 3 0
Service Contract Providers
September 1 - September 30
B.
		  Biennial License Renewals
(1)
Even-numbered year renewals
Agencies
Premium Service Companies
Brokers
Utilization Review Agents
Producer Appointments
Public Adjusters
Rental Car Companies
January 1 - January 31
February 1 - March 1
May 1 - May 31
June 1 - June 30
September 1 - September 30
October 1 - October 30
December 1 - December 31
(2)
Odd-numbered year renewals
Adjusters
Motor Vehicle Physical Damage Appraisers
August 1 - August 31
October 1 - October 31
C.
		  Producer License Renewal
All licensed producers must renew their license and pay the
			 license renewal fee by the last day of the individual's month of birth. An
			 individual born in an odd-numbered year shall comply every odd-numbered year.
			 An individual born in an even-numbered year shall comply every even-numbered
			 year.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-34.1 - Accident and Health Insurance Solicitation

Current through Register Vol. 48, No. 6, June 28, 2024
A. Table of Contents:
B .......
Purpose
C .......
Applicability and Scope
D .......
Definitions
E .......
Unfair and Deceptive Acts
F .......
Duplication of Insurance
G .......
Record Maintenance, Licensee Accountability and General
						  Requirements
H .......
Severability
I .......
Effective Date
B. Purpose: The
		  purpose of this regulation is to eliminate unfair and deceptive practices in
		  the promotion, solicitation and sale of individual accident and health
		  insurance policies to persons who are qualified for Medicare by reason of age
		  and to persons who have a current Medicaid eligibility card.
C. Applicability and Scope: This Regulation
		  shall apply only to promotions, solicitations, offers or sales of individual
		  accident and health insurance policies to persons who are qualified for
		  Medicare by reason of age or to persons who have a current Medicaid eligibility
		  card. This Regulation shall not apply to conversion policies issued pursuant to
		  a contractual conversion privilege, or to credit health insurance. This
		  Regulation shall be in addition to any other applicable regulations previously
		  adopted.
D. Definitions: As used in
		  this Regulation, the following terms shall have the meanings indicated:
(1) "Agent" means any person licensed by the
		  South Carolina Department of Insurance as an agent to sell accident and health
		  insurance.
(2) "Duplication of
		  insurance" means a transaction wherein new accident and health insurance is to
		  be purchased and it is known or should be known to the licensee or the insurer,
		  in the case of a direct response solicitation, that the new insurance will
		  provide some of the benefits or coverages which the proposed insured already
		  has under existing accident and health insurance.
(3) "Over-insurance" means "duplication" of
		  insurance to such extent that the combination of the existing insurance and the
		  proposed insurance would substantially exceed any loss reasonably expected to
		  be incurred.
(4) "Licensee" means
		  any person licensed as an agent, broker, or solicitor pursuant to South
		  Carolina law.
(5) "Policy" means
		  the entire contract between the insurer and the insured, including, but not
		  limited to, the policy, certificate, riders, endorsements, amendments and the
		  application which are required to be filed pursuant to Section
		  38-71-310.
(6) "Sales materials" means any and all
		  promotional materials, policy applications, replacement forms, duplication
		  forms, outline of coverage forms, or any other forms or informational material
		  used in connection with the promotion, solicitation, or sale of accident and
		  health insurance.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-34.2 - Replacement of Accident and Health Insurance

Current through Register Vol. 48, No. 6, June 28, 2024
A. Table of Contents:
B .......
Purpose
C .......
Applicability and Scope
D .......
Definitions
E .......
Replacement
F .......
Replace After Indication of No Replacement
G .......
Severability
H .......
Effective Date
B. Purpose: The
		  purpose of this regulation is to eliminate unfair and deceptive practices in
		  the replacement of individual accident and health insurance policies that
		  insure persons who are eligible for Medicare by reason of age and to persons
		  who have a current medicaid eligibility card. medicaid eligibility
		  card.
C. Applicability and Scope:
		  This Regulation shall apply only to solicitations and sale of individual
		  accident and health insurance policies to persons who are eligible for Medicare
		  by reason of age or to persons who have a current medicaid eligibility card.
		  This Regulation shall not apply to credit health insurance. This Regulation
		  shall be in addition to any other applicable regulations previously
		  adopted.
D. Definitions: As used in
		  this Regulation, the following terms shall have the meanings indicated:
(1) "Agent" means any person licensed by the
		  South Carolina Department of Insurance as an agent to sell accident and health
		  insurance.
(2) "Licensee" means any
		  person licensed as an agent, broker, or solicitor pursuant to South Carolina
		  law.
(3) "Policy" means the entire
		  contract between the insurer and the insured, including, but not limited to,
		  the policy, certificate, riders, endorsements, amendments and the application
		  which are required to be filed pursuant to Section
		  38-71-310.
(4) "Replacement" means a transaction wherein
		  individual accident and health insurance is to be purchased and it is known or
		  should be known to the licensee or the insurer, in the case of a direct
		  response solicitation, that previously existing accident and health insurance
		  has been, or will be, lapsed, cancelled or otherwise terminated as a
		  result.
(5) "Sales materials" means
		  any and all promotional materials, policy applications, replacement forms,
		  duplication forms, outline of coverage forms, or any other forms or
		  informational material used in connection with the promotion, solicitation, or
		  sale of accident and health insurance.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-36 - Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and CET Mortality Tables

Current through Register Vol. 48, No. 6, June 28, 2024
Section
		  1. Purpose.
The purpose of this regulation is to permit individual life
			 insurance policies to provide the same cash surrender values and paid-up
			 nonforfeiture benefits to both men and women. No change in minimum valuation
			 standards is implied by this regulation.
Section 2. Definitions.
A. As used in this regulation, "1980 CSO
		  Table, with or without Ten-Year Select Morality Factors" means that mortality
		  table, consisting of separate rates of mortality for male and female lives,
		  developed by the Society of Actuaries Committee to Recommend New Mortality
		  Tables for Valuation of Standard Individual Ordinary Life Insurance,
		  incorporated in the 1980 NAIC Amendments to the Model Standard Valuation Law
		  and Standard Nonforfeiture Law for Life Insurance, and referred to in those
		  models as the Commissioners 1980 Standard Ordinary Mortality Table, with or
		  without Ten-Year Select Mortality Factors.
B. As used in this regulation, "1980 CSO
		  Table (M), with or without Ten-Year Select Mortality Factors" means that
		  mortality table consisting of the rates of mortality for male lives from the
		  1980 CSO Table, with or without Ten-Year Select Mortality Factors.
C. As used in this regulation, "1980 CSO
		  Table (F), with or without Ten-Year Select Mortality Factors" means that
		  mortality table consisting of the rates of mortality for female lives from the
		  1980 CSO Table, with or without Ten-Year Select Mortality Factors.
D. As used in this regulation, "1980 CET
		  Table" means that mortality table consisting of separate rates of mortality for
		  male and female lives, developed by the Society of Actuaries Committee to
		  Recommend New Mortality Tables for Valuation of Standard Individual Ordinary
		  Life Insurance, incorporated in the 1980 NAIC Amendments to the Model Standard
		  Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred
		  to in those models as the Commissioners 1980 Extended Term Insurance
		  Table.
E. As used in this
		  regulation, "1980 CET Table (M)" means that mortality table consisting of the
		  rates of mortality for male lives from the 1980 CET Table.
F. As used in this regulation, "1980 CET
		  Table (F)" means that mortality table consisting of the rates of mortality for
		  female lives from the 1980 CET Table.
G. As used in this regulation, "1980 CSO and
		  1980 CET Smoker and Nonsmoker Mortality Tables" means the mortality tables with
		  separate rates of mortality for smokers and nonsmokers derived from the 1980
		  CSO and 1980 CET Mortality Tables by the Society of Actuaries Task Force on
		  Smoker/Nonsmoker Mortality and adopted by the National Association of Insurance
		  Commissioners in December, 1983.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.1 - Authority

Current through Register Vol. 48, No. 6, June 28, 2024
This regulation is promulgated by the Director of Insurance
				pursuant to Section
				38-9-180
				of the South Carolina Code.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.2 - Purpose

Current through Register Vol. 48, No. 6, June 28, 2024
The purpose of this regulation is to recognize the following
				mortality tables for use in determining the minimum standard of valuation for
				annuity and pure endowment contracts: the 1983 Table "a," the 1983 Group
				Annuity Mortality (1983 GAM) Table, the Annuity 2000 Mortality Table, the 2012
				Individual Annuity Reserving (2012 IAR) Table and the 1994 Group Annuity
				Reserving (1994 GAR) Table.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.3 - Definitions

Current through Register Vol. 48, No. 6, June 28, 2024
A. As used in this
			 regulation "1983 Table 'a"' means that mortality table developed by the Society
			 of Actuaries Committee to Recommend a New Mortality Basis for Individual
			 Annuity Valuation and adopted as a recognized mortality table for annuities in
			 June 1982 by the National Association of Insurance Commissioners.
B. As used in this regulation "1983 GAM
			 Table" means that mortality table developed by the Society of Actuaries
			 Committee on Annuities and adopted as a recognized mortality table for
			 annuities in December 1983 by the National Association of Insurance
			 Commissioners.
C. As used in this
			 regulation "1994 GAR Table" means that mortality table developed by the Society
			 of Actuaries Group Annuity Valuation Table Task Force. The 1994 GAR Table is
			 included in the report on pages 865-919 of Volume XLVII of the Transactions
			 of the Society of Actuaries (1995).
D. As used in this regulation "Annuity 2000
			 Mortality Table" means that mortality table developed by the Society of
			 Actuaries Committee on Life Insurance Research. The Annuity 2000 Table is
			 included in the report on pages 211-249 of Volume XLVII of the Transactions of
			 the Society of Actuaries (1995).
E.
			 As used in this regulation, "Period table" means a table of mortality rates
			 applicable to a given calendar year (the Period).
F. As used in this regulation, "Generational
			 mortality table" means a mortality table containing a set of mortality rates
			 that decrease for a given age from one year to the next based on a combination
			 of a Period table and a projection scale containing rates of mortality
			 improvement.
G. As used in this
			 regulation "2012 IAR Table" means that Generational mortality table developed
			 by the Society of Actuaries Committee on Life Insurance Research and containing
			 rates, qx2012+n, derived from a combination of the
			 2012 IAM Period Table and Projection Scale G2, using the methodology stated in
			 Section5.
H. As used in this
			 regulation, "2012 Individual Annuity Mortality Period Life (2012 IAM Period)
			 Table" means the Period table containing loaded mortality rates for calendar
			 year 2012. This table contains rates,
			 qx2012, developed by the
			 Society of Actuaries Committee on Life Insurance Research and is shown in
			 Appendices 1-2.
I. As used in this
			 regulation, "Projection Scale G2 (Scale G2)" is a table of annual rates,
			 G2x, of mortality improvement by age for projecting
			 future mortality rates beyond calendar year 2012. This table was developed by
			 the Society of Actuaries Committee on Life Insurance Research and is shown in
			 Appendices 3-4.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.4 - Individual Annuity or Pure Endowment Contracts

Current through Register Vol. 48, No. 6, June 28, 2024
A. Except as provided in Subsections B and C
			 of this section, the 1983 Table "a" is recognized and approved as an individual
			 annuity mortality table for valuation and, at the option of the company, may be
			 used for purposes of determining the minimum standard of valuation for any
			 individual annuity or pure endowment contract issued on or after January 1,
			 1979.
B. Except as provided in
			 Subsection C of this section, either the 1983 Table "a" or the Annuity 2000
			 Mortality Table shall be used for determining the minimum standard of valuation
			 for any individual annuity or pure endowment contract issued on or after
			 January 1, 1986.
C. Except as
			 provided in Subsection D of this section, the Annuity 2000 Mortality Table
			 shall be used for determining the minimum standard of valuation for any
			 individual annuity or pure endowment contract issued on or after January 1,
			 2001.
D. Except as provided in
			 Subsection E of this section, the 2012 IAR Mortality Table shall be used for
			 determining the minimum standard of valuation for any individual annuity or
			 pure endowment contract issued on or after January 1, 2015.
E. The 1983 Table "a" without projection is
			 to be used for determining the minimum standards of valuation for an individual
			 annuity or pure endowment contract issued on or after January 1, 2001, solely
			 when the contract is based on life contingencies and is issued to fund periodic
			 benefits arising from:
(1) Settlements of
			 various forms of claims pertaining to court settlements or out of court
			 settlements from tort actions;
(2)
			 Settlements involving similar actions such as workers' compensation claims;
			 or
(3) Settlements of long term
			 disability claims where a temporary or life annuity has been used in lieu of
			 continuing disability payments.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.5 - Application of the 2012 IAR Mortality Table

Current through Register Vol. 48, No. 6, June 28, 2024
In using the 2012 IAR Mortality Table, the mortality rate for a
				person age x in year (2012 + n) is calculated as follows:
qx2012+n =
				qx2012(1-
				G2x) 
				n
The resulting qx
								2012+n shall be rounded to three decimal
				places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur
				according to the formula above, starting at the 2012 period table rate.
For example, for a male age 30,
				qx2012= 0.741.
qx
								2013= 0.741 * (1 - 0.010) ^ 1 = 0.73359,
				which is rounded to 0.734.
qx
								2014= 0.741 * (1 - 0.010) ^ 2 =
				0.7262541, which is rounded to 0.726.
A method leading to incorrect rounding would be to calculate
				qx
								2014 as qx
								2013 * (1 - 0.010), or 0.734 * 0.99 =
				0.727.
It is incorrect to use the already rounded
				qx
								2013 to calculate
				qx
								2014
.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.6 - Group Annuity or Pure Endowment Contracts

Current through Register Vol. 48, No. 6, June 28, 2024
A. Except as provided in Subsections B and C
			 of this section, the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table
			 are recognized and approved as group annuity mortality tables for valuation
			 and, at the option of the company, any one of these tables may be used for
			 purposes of valuation for an annuity or pure endowment purchased on or after
			 January 1, 1979 under a group annuity or pure endowment contract.
B. Except as provided in Subsection C of this
			 section, either the 1983 GAM Table or the 1994 GAR Table shall be used for
			 determining the minimum standard of valuation for any annuity or pure endowment
			 purchased on or after January 1, 1986 under a group annuity or pure endowment
			 contract.
C. The 1994 GAR Table
			 shall be used for determining the minimum standard of valuation for any annuity
			 or pure endowment purchased on or after January 1, 2001 under a group annuity
			 or pure endowment contract.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.7 - Application of the 1994 GAR Table

Current through Register Vol. 48, No. 6, June 28, 2024
In using the 1994 GAR Table, the mortality rate for a person
				age x in year (1994 +" n) is calculated as follows:
qx1994+" n = q
				x1994 (1 - AA x)n
where the qx1994 and
				AAxs are as specified in the 1994 GAR Table.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Section 69-37.8 - Separability

Current through Register Vol. 48, No. 6, June 28, 2024
If any provision of this regulation or its application to any
				person or circumstances is for any reason held to be invalid, the remainder of
				the regulation and the application of its provisions to other persons or
				circumstances shall not be affected.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Appendix I

Current through Register Vol. 48, No. 6, June 28, 2024
2012 IAM Period Table
Female, Age Nearest Birthday
AGE
1000
						  qx2012
AGE
1000
						  qx2012
AGE
1000
						  qx2012
AGE
1000
						  qx2012
0
1.621
30
0.300
60
3.460
90
88.377
1
0.405
31
0.321
61
3.916
91
97.491
2
0.259
32
0.338
62
4.409
92
107.269
3
0.179
33
0.351
63
4.933
93
118.201
4
0.137
34
0.365
64
5.507
94
130.969
5
0.125
35
0.381
65
6.146
95
146.449
6
0.117
36
0.402
66
6.551
96
163.908
7
0.110
37
0.429
67
7.039
97
179.695
8
0.095
38
0.463
68
7.628
98
196.151
9
0.088
39
0.504
69
8.311
99
213.150
10
0.085
40
0.552
70
9.074
100
230.722
11
0.086
41
0.600
71
9.910
101
251.505
12
0.094
42
0.650
72
10.827
102
273.007
13
0.108
43
0.697
73
11.839
103
295.086
14
0.131
44
0.740
74
12.974
104
317.591
15
0.156
45
0.780
75
14.282
105
340.362
16
0.179
46
0.825
76
15.799
106
362.371
17
0.198
47
0.885
77
17.550
107
384.113
18
0.211
48
0.964
78
19.582
108
400.000
19
0.221
49
1.051
79
21.970
109
400.000
20
0.228
50
1.161
80
24.821
110
400.000
21
0.234
51
1.308
81
28.351
111
400.000
22
0.240
52
1.460
82
32.509
112
400.000
23
0.245
53
1.613
83
37.329
113
400.000
24
0.247
54
1.774
84
42.830
114
400.000
25
0.250
55
1.950
85
48.997
115
400.000
26
0.256
56
2.154
86
55.774
116
400.000
27
0.261
57
2.399
87
63.140
117
400.000
28
0.270
58
2.700
88
71.066
118
400.000
29
0.281
59
3.054
89
79.502
119
400.000
120
1000.000
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Appendix II

Current through Register Vol. 48, No. 6, June 28, 2024
2012 IAM Period Table
Male, Age Nearest Birthday
AGE
1000
						  qx2012
AGE
1000
						  qx2012
AGE
1000
						  qx2012
AGE
1000
						  qx2012
0
1.605
30
0.741
60
5.096
90
109.993
1
0.401
31
0.751
61
5.614
91
123.119
2
0.275
32
0.754
62
6.169
92
137.168
3
0.229
33
0.756
63
6.759
93
152.171
4
0.174
34
0.756
64
7.398
94
168.194
5
0.168
35
0.756
65
8.106
95
185.260
6
0.165
36
0.756
66
8.548
96
197.322
7
0.159
37
0.756
67
9.076
97
214.751
8
0.143
38
0.756
68
9.708
98
232.507
9
0.129
39
0.800
69
10.463
99
250.397
10
0.113
40
0.859
70
11.357
100
268.607
11
0.111
41
0.926
71
12.418
101
290.016
12
0.132
42
0.999
72
13.675
102
311.849
13
0.169
43
1.069
73
15.150
103
333.962
14
0.213
44
1.142
74
16.860
104
356.207
15
0.254
45
1.219
75
18.815
105
380.000
16
0.293
46
1.318
76
21.031
106
400.000
17
0.328
47
1.454
77
23.540
107
400.000
18
0.359
48
1.627
78
26.375
108
400.000
19
0.387
49
1.829
79
29.572
109
400.000
20
0.414
50
2.057
80
33.234
110
400.000
21
0.443
51
2.302
81
37.533
111
400.000
22
0.473
52
2.545
82
42.261
112
400.000
23
0.513
53
2.779
83
47.441
113
400.000
24
0.554
54
3.011
84
53.233
114
400.000
25
0.602
55
3.254
85
59.855
115
400.000
26
0.655
56
3.529
86
67.514
116
400.000
27
0.688
57
3.845
87
76.340
117
400.000
28
0.710
58
4.213
88
86.388
118
400.000
29
0.727
59
4.631
89
97.634
119
400.000
120
1000.000
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Appendix III

Current through Register Vol. 48, No. 6, June 28, 2024
Projection Scale G2
Female, Age Nearest Birthday
AGE
G2x
AGE
G2x
AGE
G2x
AGE
G2x
0
0.010
30
0.010
60
0.013
90
0.006
1
0.010
31
0.010
61
0.013
91
0.006
2
0.010
32
0.010
62
0.013
92
0.005
3
0.010
33
0.010
63
0.013
93
0.005
4
0.010
34
0.010
64
0.013
94
0.004
5
0.010
35
0.010
65
0.013
95
0.004
6
0.010
36
0.010
66
0.013
96
0.004
7
0.010
37
0.010
67
0.013
97
0.003
8
0.010
38
0.010
68
0.013
98
0.003
9
0.010
39
0.010
69
0.013
99
0.002
10
0.010
40
0.010
70
0.013
100
0.002
11
0.010
41
0.010
71
0.013
101
0.002
12
0.010
42
0.010
72
0.013
102
0.001
13
0.010
43
0.010
73
0.013
103
0.001
14
0.010
44
0.010
74
0.013
104
0.000
15
0.010
45
0.010
75
0.013
105
0.000
16
0.010
46
0.010
76
0.013
106
0.000
17
0.010
47
0.010
77
0.013
107
0.000
18
0.010
48
0.010
78
0.013
108
0.000
19
0.010
49
0.010
79
0.013
109
0.000
20
0.010
50
0.010
80
0.013
110
0.000
21
0.010
51
0.010
81
0.012
111
0.000
22
0.010
52
0.011
82
0.012
112
0.000
23
0.010
53
0.011
83
0.011
113
0.000
24
0.010
54
0.011
84
0.010
114
0.000
25
0.010
55
0.012
85
0.010
115
0.000
26
0.010
56
0.012
86
0.009
116
0.000
27
0.010
57
0.012
87
0.008
117
0.000
28
0.010
58
0.012
88
0.007
118
0.000
29
0.010
59
0.013
89
0.007
119
0.000
120
0.000
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities › Appendix IV

Current through Register Vol. 48, No. 6, June 28, 2024
Projection Scale G2
Male, Age Nearest Birthday
AGE
G2x
AGE
G2x
AGE
G2x
AGE
G2x
0
0.010
30
0.010
60
0.015
90
0.007
1
0.010
31
0.010
61
0.015
91
0.007
2
0.010
32
0.010
62
0.015
92
0.006
3
0.010
33
0.010
63
0.015
93
0.005
4
0.010
34
0.010
64
0.015
94
0.005
5
0.010
35
0.010
65
0.015
95
0.004
6
0.010
36
0.010
66
0.015
96
0.004
7
0.010
37
0.010
67
0.015
97
0.003
8
0.010
38
0.010
68
0.015
98
0.003
9
0.010
39
0.010
69
0.015
99
0.002
10
0.010
40
0.010
70
0.015
100
0.002
11
0.010
41
0.010
71
0.015
101
0.002
12
0.010
42
0.010
72
0.015
102
0.001
13
0.010
43
0.010
73
0.015
103
0.001
14
0.010
44
0.010
74
0.015
104
0.000
15
0.010
45
0.010
75
0.015
105
0.000
16
0.010
46
0.010
76
0.015
106
0.000
17
0.010
47
0.010
77
0.015
107
0.000
18
0.010
48
0.010
78
0.015
108
0.000
19
0.010
49
0.010
79
0.015
109
0.000
20
0.010
50
0.010
80
0.015
110
0.000
21
0.010
51
0.011
81
0.014
111
0.000
22
0.010
52
0.011
82
0.013
112
0.000
23
0.010
53
0.012
83
0.013
113
0.000
24
0.010
54
0.012
84
0.012
114
0.000
25
0.010
55
0.013
85
0.011
115
0.000
26
0.010
56
0.013
86
0.010
116
0.000
27
0.010
57
0.014
87
0.009
117
0.000
28
0.010
58
0.014
88
0.009
118
0.000
29
0.010
59
0.015
89
0.008
119
0.000
120
0.000
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-39 - Annuity Disclosure Regulation

Current through Register Vol. 48, No. 6, June 28, 2024
Section 1.
		  Purpose
A. The purpose of this regulation is
		  to provide standards for the disclosure of certain minimum information about
		  annuity contracts to protect consumers and foster consumer education. The
		  regulation specifies the minimum information which must be disclosed and the
		  method for disclosing it in connection with the sale of annuity contracts. The
		  goal of this regulation is to ensure that purchasers of annuity contracts
		  understand certain basic features of annuity contracts.
B. The regulation does not prohibit the use
		  of additional material which is not in violation of this regulation or any
		  other South Carolina statute or regulation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-40 - Life Insurance Policy Illustration Rules

Current through Register Vol. 48, No. 6, June 28, 2024
Section 1. Purpose
The purpose of this regulation is to provide rules for life
			 insurance policy illustrations that will protect consumers and foster consumer
			 education. The regulation provides illustration formats, prescribes standards
			 to be followed when illustrations are used, and specifies the disclosures that
			 are required in connection with illustrations. The goals of this regulation are
			 to ensure that illustrations do not mislead purchasers of life insurance and to
			 make illustrations more understandable. Insurers will, as far as possible,
			 eliminate the use of footnotes and caveats and define terms used in the
			 illustration in language that would be understood by a typical person within
			 the segment of the public to which the illustration is directed.
Section 2. Applicability and Scope
This regulation applies to all group and individual life
			 insurance policies and certificates except:
A. Variable life insurance;
B. Individual and group annuity
		  contracts;
C. Credit life
		  insurance; or
D. Life insurance
		  policies with no illustrated death benefits on any individual exceeding
		  $10,000.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-43 - Group Health Insurance Coordination of Benefits

Current through Register Vol. 48, No. 6, June 28, 2024
Section 1. Authority.
This regulation is promulgated under S. C. Code Sections
			 38-3-110(2)
			 and
			 38-71-720
			 (1976), as amended.
Section
		  2. Purpose and Applicability.
A.
		  The purpose of this regulation is to:
(1)
		  Permit, but not require, plans to include a coordination of benefits (COB)
		  provision;
(2) Establish an order
		  in which plans pay their claims;
(3) Provide the authority for the orderly
		  transfer of information needed to pay claims promptly;
(4) Reduce duplication of benefits by
		  permitting a reduction of the benefits paid by a plan when the plan, pursuant
		  to rules established by this regulation, does not have to pay its benefits
		  first;
(5) Reduce claims payment
		  delays; and
(6) Make all contracts
		  that contain a COB provision consistent with this regulation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Subchapter 69-44 - LONG TERM CARE INSURANCE › Section 69-44.1 - Purpose

Current through Register Vol. 48, No. 6, June 28, 2024
The purpose of this regulation is to implement S.C. Code
				Section
				38-72-10 et
				seq., to promote the public interest, to promote the availability of long term
				care insurance coverage, to protect applicants for long term care insurance, as
				defined, from unfair or deceptive sales or enrollment practices, to facilitate
				public understanding and comparison of long term care insurance coverages, and
				to facilitate flexibility and innovation in the development of long term care
				insurance.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Subchapter 69-44 - LONG TERM CARE INSURANCE › Section 69-44.2 - Authority

Current through Register Vol. 48, No. 6, June 28, 2024
This regulation is issued pursuant to the authority vested in
				the Director under S.C. Code Sections
				38-72-60
				and
				38-72-70.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Subchapter 69-44 - LONG TERM CARE INSURANCE › Section 69-44.3 - Applicability and Scope

Current through Register Vol. 48, No. 6, June 28, 2024
Except as otherwise specifically provided, this regulation
				applies to all long term care insurance policies, including qualified long term
				care contracts and life insurance policies that accelerate benefits for long
				term care delivered or issued for delivery in this state on or after the
				effective date by insurers; fraternal benefit societies; nonprofit health,
				hospital and medical service corporations; prepaid health plans; health
				maintenance organizations and all similar organizations. Certain provisions of
				this regulation apply only to qualified long term care insurance contracts as
				noted. Additionally, this regulation is intended to apply to policies having
				indemnity benefits that are triggered by activities of daily living and sold as
				disability income insurance, if:
1.
			 The benefits of the disability income policy are dependent upon or vary in
			 amount based on the receipt of long term care services;
2. The disability income policy is
			 advertised, marketed or offered as insurance for long term care services;
			 or
3. Benefits under the policy may
			 commence after the policyholder has reached Social Security's normal retirement
			 age unless benefits are designed to replace lost income or pay for specific
			 expenses other than long term care services.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Subchapter 69-44 - LONG TERM CARE INSURANCE › Section 69-44.4 - Definitions

Current through Register Vol. 48, No. 6, June 28, 2024
For the purpose of this regulation, the following definitions
				apply.
A. "Applicant" means:
(1) In the case of an individual long term
			 care insurance policy, the person who seeks to contract for benefits;
			 and
(2) In the case of a group long
			 term care insurance policy, the proposed certificate holder.