reglab/statecodes huggingface dataset:
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1507 - Proof of Compliance, Irrevocable Letter of Credit

Current through Register Vol. 48, No. 6, June 28, 2024
A. The Commission in its discretion may
			 accept a Form 8B, Proof of Compliance, Memorandum of Understanding and
			 Irrevocable Letter of Credit, as proof of compliance instead of a surety bond
			 or securities. The Commission will determine the amount as provided by
			 R.67-1505A.
B. The applicant for
			 self-insurance shall file the Form 8B with the Commission's Self-Insurance
			 Division within the time provided in R.67-1502B.
C. The following provisions shall apply to a
			 letter of credit.
(1) The letter of credit
			 must be issued by a bank chartered in this State or a federally chartered bank
			 with a branch office in this State.
(2) The bank shall offer the irrevocable
			 letter of credit by completing a Form 8B.
(3) The South Carolina Workers' Compensation
			 Commission shall be the named beneficiary.
(4) A proposed letter of credit must be
			 approved by the Commission before the Commission issues a Form 9, Certificate
			 for Self-Insurance.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1508 - Effective Date of R.67-1503

Current through Register Vol. 48, No. 6, June 28, 2024
A.
			 Regulation Regulation
			 67-1503
			 shall not apply retroactively to a self-insurance program existing on or before
			 the effective date of these regulations.
B. Self-insurance programs approved on or
			 before the effective date of these regulations may continue to operate under
			 the terms of the program previously approved but shall comply with all other
			 provisions in this Chapter.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1509 - The Self-Insurance Program, Amendments to and Renewal of

Current through Register Vol. 48, No. 6, June 28, 2024
A. The Commission
			 may amend the self-insurance program when analysis of the program shows a
			 significant change in the number of employees in the state, the financial
			 condition, losses, the excess insurance program, management of funds, or in
			 material conditions of the self-insured program.
(1) The self-insurer is notified in writing
			 of the Commission's proposed amendment.
(2) If the self-insurer does not comply
			 within a time period determined by the Self-Insurance Division, but not less
			 than thirty days, the Self-Insurance Division may institute revocation
			 proceedings according to R.67-1513.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1510 - Financial Analysis and Reports

Current through Register Vol. 48, No. 6, June 28, 2024
A. A self-insured employer shall file audited
			 financial statements, prepared in accordance with generally accepted accounting
			 principles, or the United States Securities & Exchange Commission's Form
			 10K with the Self-Insurance Division within ninety days following the close of
			 each fiscal year for analysis of the self-insurer's financial condition. In
			 lieu of audited financial statements, a self-insured employer may provide the
			 sworn statement or affidavit from an independent auditor as provided in
			 R.67-1501A(2).
B. Each self-insurance fund shall file with
			 the Self-Insurance Division a Form 11, Self-Insurer's Quarterly Financial
			 Report, or equivalent financial report, immediately after each quarter of its
			 fiscal year. Each self-insurance fund also shall file with the Self-Insurance
			 Division audited financial statements, prepared in accordance with generally
			 accepted accounting principles within one hundred twenty days following the
			 close of each fiscal year.
C. A
			 sixty day extension of time in which to file a Quarterly Financial Report or
			 Annual Audited Financial Statements may be requested by writing the
			 Self-Insurance Division.
D. Failure
			 to file timely the forms referred to above may result in the institution of
			 revocation proceedings.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1511 - Audits

Current through Register Vol. 48, No. 6, June 28, 2024
A. The
			 Self-Insurance Division or its representative may audit the self-insured
			 employer and self-insurance fund. The audit may include examination of evidence
			 supporting the information filed on the Form 10, Self-Insurance Tax Return,
			 Form 11, Self-Insurer's Quarterly Financial Report, Form 11A, Self-Insurer's
			 Annual Financial Report, financial reports, claims administration, fund
			 membership, and an evaluation of the financial condition of the
			 self-insurer.
B. The Commission may
			 request additional documentation to support the information reported on the
			 above referenced forms. If the Commission determines that the self-insured or
			 self-insurance fund is financially unqualified to continue its privilege of
			 self-insurance, the Commission may institute revocation proceedings in
			 accordance with R.67-1513.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1512 - Voluntary Withdrawal from a Self-Insurance Program and Cancellation of a Member's Self-Insurance Privileges

Current through Register Vol. 48, No. 6, June 28, 2024
A. A self-insured employer may withdraw its
			 privileges to self-insure by notifying the Self-Insurance Division in writing
			 of its intent to withdraw. Withdrawal shall not be deemed effective until
			 thirty days after the date the Self-Insurance Division receives notice of
			 intent to withdraw.
B. A member of
			 a self-insurance fund may withdraw from a fund by the fund's notice to the
			 Self-Insurance Division in writing of the members intent to withdraw.
			 Withdrawal is not effective until thirty days after the date the Self-Insurance
			 Division receives the written notice of intent to withdraw.
C. A self-insurance fund may cancel a
			 member's self-insurance privileges by notifying the Self-Insurance Division in
			 writing of its intent to cancel membership. Cancellation shall not be deemed
			 effective until thirty days after the date the Self-Insurance Division receives
			 notice of cancellation. Membership in a fund may be reinstated, without a lapse
			 in coverage, by notifying the Self-Insurance Division in writing of renewal.
			 Notice of renewal must be filed with the Self-Insurance Division at least
			 thirty days from the date of the notice of cancellation to avoid a lapse in
			 coverage, unless the letter states the reinstatement is retroactive.
D. The Commission may assess a penalty of not
			 less than one hundred dollars but not more than two hundred and fifty dollars
			 for the refusal or neglect to notify timely the Self-Insurance Division of the
			 intent to withdraw and cancellation.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1513 - Revocation Proceedings

Current through Register Vol. 48, No. 6, June 28, 2024
A. The
			 Commission institutes revocation proceedings by Order and Rule To Show
			 Cause.
B. The self-insurer or
			 self-insurance fund shall be afforded an opportunity to be heard and the right
			 to review as in other cases.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1514 - Self-Insurance Tax

Current through Register Vol. 48, No. 6, June 28, 2024
A. Each
			 self-insured employer and each self-insurance fund shall file a Form 10,
			 Self-Insurance Tax Return, and make payment of its tax liability according to
			 the Act.
B. The Commission may
			 assess a penalty and institute revocation proceedings for failure to pay the
			 tax within fifteen days of its due date as required by the Act.
C. A sixty day extension of time in which to
			 file a Form 10 may be requested in writing before the Form 10 is due. An
			 extension of time in which to file the Form 10 may be granted by the
			 Self-Insurance Division provided the estimated tax liability is paid at the
			 time of the request for an extension is made.
D. If an employer or fund withdraws its
			 self-insurance privileges, self-insurance privileges are revoked, or an
			 employer or fund ceases to operate, the self-insured or the self-insurance fund
			 shall continue to file the Form 10 for a minimum of three years and continue to
			 file the Form 10 until notified by the Self-insurance Division that there exist
			 no other contingent liabilities arising during the period of self-insurance and
			 the Form 10 is no longer required to be filed.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1515 - Confidentiality of Information

Current through Register Vol. 48, No. 6, June 28, 2024
A.
			 Commission records and information relating to the solvency and financial
			 condition of an employer under the authority granted by this Chapter and the
			 Act shall not be subject to inspection; nor shall any information be directly
			 or indirectly divulged by the Commission except by order of a Court of
			 competent jurisdiction.
B. The
			 Commission shall not release to the public any information concerning a
			 self-insured or a self-insurance fund other than (1) confirmation that an
			 employer is individually self-insured or is a member of a specific
			 self-insurance fund, (2) the self-insured's or self-insurance fund's address,
			 (3) the effective date of such insurance program, and (4) the name of the
			 claims administrator.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 15 - SELF-INSURANCE › Section 67-1516 - Municipalities and Political Subdivisions

Current through Register Vol. 48, No. 6, June 28, 2024
A. An application of a municipality or
			 political subdivision shall be approved without submission of proof of
			 financial ability and without deposit of bond or other security.
B. Assurance must be provided that provisions
			 shall be made for payment of all awards for compensation, medical fees and
			 burial expenses available under the Act.
C. As proof of the assurance in B above the
			 Commission will accept a copy of the municipality's or political subdivision's
			 annual budget or a letter signed by each member of a council.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 16 - AVERAGE WEEKLY WAGE, COMPENSATION RATE, AND PAYMENT › Section 67-1601 - Expenses Incurred in Receiving Medical Treatment, Reimbursement

Current through Register Vol. 48, No. 6, June 28, 2024
A. The expenses
			 incurred for travel to receive medical attention which shall be reimbursed to
			 the claimant are:
(1) Mileage to and from a
			 place of medical attention which is more than five miles away from home in
			 accordance with the amount allowed state employees for mileage; and
(2) Actual cost of expenses incurred in using
			 public transportation; and
(3)
			 Actual cost of reasonable overnight lodging and subsistence.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 16 - AVERAGE WEEKLY WAGE, COMPENSATION RATE, AND PAYMENT › Section 67-1602 - Payment of Compensation

Current through Register Vol. 48, No. 6, June 28, 2024
A. Unless otherwise ordered by the Commission, the employer's representative shall pay all compensation directly to (1) the claimant or (2) the guardian, if the claimant is a minor or incapacitated person, or (3) another person approved by a court or the Commission to accept payment on behalf of the claimant.
B. To pay an award or settlement the employer's representative shall make a check payable to the claimant and the claimant's attorney, as allowed pursuant to an approved Form 61, Attorney Fee Petition, or by order of the Commission.
C. Periodic payments of temporary disability and reimbursements for expenses under Reg. 67-1601 shall be made by electronic payment systems, subject to the following conditions:
(1) The employer, employer's representative, or other payer must provide the claimant written or electronic notice of the method of electronic payment available and how to access it on or before the date compensation becomes due;
(2) If the claimant does not respond within seven (7) days of the date such notice is given the employer, employer's representative, or other payer may provisionally issue payment in the form of a check. The check must be accompanied by written instructions for the claimant to commence payment electronically. If the claimant subsequently requests electronic payment, the employer, employer's representative, or other payer must commence payment electronically; and
(3) A claimant may at any time elect in writing or electronically to receive such payments by check and the employer, employer's representative, or other payer shall honor such request.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 16 - AVERAGE WEEKLY WAGE, COMPENSATION RATE, AND PAYMENT › Section 67-1605 - Lump Sum Payment

Current through Register Vol. 48, No. 6, June 28, 2024
A. The
			 employer's representative shall pay, in lump sum, a settlement or award which
			 is less than one hundred weeks. When a settlement or award is more than one
			 hundred weeks, the Hearing Commissioner may order a lump sum payment or the
			 claimant may request a lump sum payment by filing a Form 24, Application for
			 Lump Sum Payment.
B. If the
			 claimant is not represented by an attorney, the claimant may request lump sum
			 payment by filing a Form 24 with the Commission's Claims Department. The
			 department will contact the employer's representative to inquire if it consents
			 to payment in lump sum.
C. An
			 attorney for the claimant must request the employer's consent to payment in
			 lump sum payment prior to filing a Form 24.
(1) If the parties agree to payment in lump
			 sum, the claimant's attorney may file with the Claims Department a Form 24 and
			 attach to the Form 24 a signed agreement for payment in lump sum.
(2) If the employer's representative does not
			 consent to payment in lump sum, the claimant's attorney may file a Form 24 with
			 the Claims Department and attach a letter stating that the insurance carrier
			 does not consent to the lump sum payment.
(3) The Commission will automatically set a
			 hearing. The parties will be notified according to R.67-607.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 16 - AVERAGE WEEKLY WAGE, COMPENSATION RATE, AND PAYMENT › Section 67-1606 - Lump Sum Payment in a Claim Involving a Fatality

Current through Register Vol. 48, No. 6, June 28, 2024
A. When the Commissioner orders or approves a
			 lump sum payment to whole dependent(s), the accrued weeks are subtracted from
			 the number of weeks awarded.
(1) The present
			 worth of the weeks remaining is calculated and multiplied by compensation rate
			 to obtain the commuted value.
(2)
			 Adding the commuted value to the accrued value results in the total amount to
			 be paid. This amount is divided proportionally among the dependents as
			 ordered.
(3) Burial expenses are
			 payable in addition to the five hundred weeks and are not commuted.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 17 - REPEAL AND ADOPTION › Section 67-1701 - Repeal of Existing Regulations and Adoption of Articles 1 through 17, Inclusive

Current through Register Vol. 48, No. 6, June 28, 2024
A.
			 Existing Regulations 67-1 through 67-38, inclusive, are repealed effective
			 ninety days from the date of the General Assembly's approval of the adoption of
			 Chapter 67, Article 1 through Article 17, inclusive.
B. The Regulations in Chapter 67, Article 1
			 through Article 17, inclusive, shall apply to claims filed, claims pending
			 review, and requests for review filed on and after ninety days from the date of
			 the General Assembly's approval of the adoption of Chapter 67, Article 1
			 through Article 17, inclusive.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1801 - Mediation

Current through Register Vol. 48, No. 6, June 28, 2024
A. This mediation
			 regulation is established to resolve disputes without the necessity of a
			 hearing. The purpose is to afford a meaningful opportunity to the parties to
			 achieve an efficient and a just resolution of their disputes in a timely and a
			 cost-effective manner.
B. A
			 Commissioner has the discretion to order mediation in any pending claim before
			 the Commissioner and to select a duly qualified mediator.
(1) A Commissioner must retain jurisdiction
			 of the claim solely for those issues being mediated.
(2) A Commissioner does not retain
			 jurisdiction of the claim for the life of the claim, unless the Commissioner so
			 chooses, only until those pending issues are resolved.
(3) A Commissioner's authority to order
			 mediation in any pending claim is not limited by claims listed in Section
			 67-1802.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1802 - Mediation Required with Certain Claims

Current through Register Vol. 48, No. 6, June 28, 2024
A. The Commission orders that the following
			 claims must be mediated prior to a hearing:
(1) Claims for permanent and total disability
			 arising under either Section
			 42-9-10
			 or Section
			 42-9-30(21);
(2) Claims arising under Chapter 11 or
			 Chapter 13 of Title 42, South Carolina Code of Laws;
(3) Third-party lien reduction
			 claims;
(4) Contested death
			 claims;
(5) Claims for stress,
			 mental injuries, and mental illness arising out of and in the course of
			 employment unaccompanied by physical injury, and resulting in mental illness or
			 injury; and
(6) Claims involving
			 concurrent jurisdiction under the South Carolina Workers' Compensation Act and
			 the Federal Longshore and Harbor Workers' Compensation Act.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1803 - Mediation Requested by Parties

Current through Register Vol. 48, No. 6, June 28, 2024
The parties may request mediation by the proper submission of a
				Form 21, Form 50, Form 51, or the response to the Form 21, indicating a request
				for mediation. Except as provided in section
				67-1802
				A, either party may object to mediation by the proper submission of the Form
				21, Form 50, or the response to the Form 21. If the parties do not agree to
				mediation, pursuant to this section, then the case shall be set by the Judicial
				Department in the normal course of the docket scheduling.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1804 - Selection of Mediator and Required Schedule

Current through Register Vol. 48, No. 6, June 28, 2024
A. The parties may consent to use any
			 mediator who is duly qualified. The mediator must be certified as a mediator
			 per the certification process established by the South Carolina Bar
			 Association.
B. The parties must
			 select a mediator within ten days of the filing of the earliest pleading
			 raising grounds for mediation, and must promptly notify the Commission of the
			 mediator and proposed mediation date.
C. The mediation must be completed within
			 sixty days of the filing of the earliest pleading raising grounds for
			 mediation, unless otherwise agreed to by the parties or ordered by the
			 Commission. If the mediation is not completed within the sixty-day timeframe,
			 the case may be set in the normal course of the docket scheduling.
D. If the parties cannot agree on a mediator,
			 the Commission shall appoint a duly qualified mediator.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1805 - Parties Represented

Current through Register Vol. 48, No. 6, June 28, 2024
In addition to their attorney being present, each party shall
				provide a representative, who shall attend the mediation in person or via
				telephone. The representative shall have authority to enter into negotiations,
				in good faith, to resolve the issues in dispute. If the representative attends
				via telephone, they shall be available by telephone for the duration of the
				mediation. Reasonable notice shall be provided to the opposing party concerning
				attendance via telephone, prior to the mediation. This regulation does not
				prevent a claimant from proceeding prose.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1806 - Mediation Communications Confidential

Current through Register Vol. 48, No. 6, June 28, 2024
A. All communications and statements that
			 take place within the context of mediation shall be confidential and not
			 subject to disclosure. Such communications or statements shall not be disclosed
			 by any mediator, party, attorney, or attendee and may not be used as evidence
			 in any proceeding. An executed agreement resulting from mediation is not
			 subject to the confidentiality requirements described above.
B. Neither the mediator nor any third-party
			 observer may be subpoenaed or otherwise required to testify concerning a
			 mediation or settlement negotiation in any proceeding. The mediator's notes
			 shall not be placed in the Commission's file, shall not be subject to
			 discovery, and shall not be used as evidence in any proceeding.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1808 - Penalties

Current through Register Vol. 48, No. 6, June 28, 2024
Any party who refuses or neglects to act in good faith during
				the mediation may be subject to a fine not to exceed the actual cost of the
				mediation. Any party who believes this provision has been violated may file a
				Motion for a Rule to Show Cause before the jurisdictional Commissioner for
				purposes of assessing fines and penalties. The parties shall have the right of
				review and appeal as in other cases.
South Carolina Code of Regulations › Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION › Article 18 - MEDIATION › Section 67-1809 - Forms Required Upon Completion

Current through Register Vol. 48, No. 6, June 28, 2024
A Form 70 shall be filed by the mediator with the Judicial
				Department at the conclusion of the mediation. A Form 70 shall not become a
				part of the Commission's file, and will solely be used for tracking purposes.
				The Commission shall not process a Form 19 or further request for hearing until
				a Form 70 has been filed with the Commission.
South Carolina Code of Regulations › Chapter 68 - SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY › Section 68-10 - Loan Eligibility Requirements

Current through Register Vol. 48, No. 6, June 28, 2024
A. The South Carolina Jobs-Economic
		  Development Authority will make economic development bond loans, on either a
		  tax-exempt or taxable basis, and loans from any other program funds which
		  become available, to manufacturing, industrial, research, service, commercial
		  and other businesses:
(1) Are located in South
		  Carolina; and
(2) Create or
		  maintain jobs in South Carolina.
South Carolina Code of Regulations › Chapter 68 - SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY › Section 68-30 - Costs and Fees

Current through Register Vol. 48, No. 6, June 28, 2024
All fees, including but not limited to accountant's fees,
			 attorney's fees, feasibility studies, appraisals, and other costs will be
			 expenses of the applicant.
Issuer Fee Schedule is as follows:
A. Application Fee $1,000 -non-refundable and
		  in addition to issuer fees shown below.
B. Standard Issuer Fee:
(1) 12.5 basis points (.00125) times the bond
		  amount;
(2) Minimum fee is
		  $3,000;
(3) Applies to all private
		  activity bonds (except Hospital and 501(c)(3) bonds), solid waste bonds, and
		  bonds using volume cap allocation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-1 - Adjustment of Claims Under Unusual Circumstances

Current through Register Vol. 48, No. 6, June 28, 2024
1. Licensed Adjusters or motor vehicle
		  physical damage appraisers in South Carolina are authorized to adjust claims or
		  appraise automobiles under the physical damage insurance coverage for
		  unlicensed companies under the following circumstances:
(a) Where the insured has an accident in
		  South Carolina but is not a resident, being in a status of a
		  transient.
(b) Where the insured is
		  a new resident in the State and has an unexpired policy of an unlicensed
		  company purchased before he moved into the State.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-4 - Life, Accident and Health Insurance-Reserve Tabulations

Current through Register Vol. 48, No. 6, June 28, 2024
Each and every domestic insurance company having life and/or
			 accident and health insurance in force shall submit, with the annual statement
			 required by this Department, a copy of the valuation tabulation used in the
			 determination of its reported life and accident and health reserve. If the
			 tabulation is a summarization, each company shall be prepared to support each
			 and every phase of the summary by detailed cards, listings, or some form of
			 acceptable running inventory. This detailed information shall be maintained
			 until verification of the valuation has been made by a representative or
			 representatives of this Department.
Each company shall take the necessary steps to acquire and
			 maintain, in its home office, the necessary reserve tables for proper
			 calculation of reserves on all contracts in force as of the applicable
			 valuation date. If the insurance is of such a nature that no appropriate
			 mortality or morbidity tables have been published, the company may use methods
			 and approximations warranted by company experience and approved by the Chief
			 Insurance Commissioner.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-5 - Policy Approvals

Current through Register Vol. 48, No. 6, June 28, 2024
On January 1, 1962, and thereafter, every industrial life
			 insurance policy or contract submitted to this Department for approval by a
			 domestic insurance company, must be accompanied by the appropriate net premium
			 and terminal reserve, except in those instances where the applicable net
			 premiums and terminal reserves have been published.
Every ordinary life policy or contract must be accompanied by the
			 appropriate net premium, terminal and mean reserves, except in those instances
			 when such premiums and reserves have been otherwise published.
If such premiums and reserves are not submitted because of
			 publication, the name of the publication together with a statement that the
			 company possesses and maintains a copy of the publication must be submitted in
			 writing to this Department.
No approval of any industrial life policy or contract or any
			 ordinary life policy or contract will be given except upon compliance with this
			 Regulation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-5.1 - Minimum Standards for the Readability of Commonly Purchased Insurance Policies

Current through Register Vol. 48, No. 6, June 28, 2024
A. Purpose: The
		  purpose of this Regulation is to establish minimum standards of readability
		  applicable to all commonly purchased personal policies, contracts and
		  certificates of insurance delivered or issued for delivery in this State.
This Regulation is not intended to increase the risk assumed by
			 insurance companies or other entities subject to this Act or to supersede their
			 obligation to comply with the substance of other insurance legislation
			 applicable to such forms of insurance policies. This Regulation is not intended
			 to impede flexibility and innovation in the development of policy forms or
			 content or to lead to the standardization of policy forms or content.
A policy is a legal document. Revision of the policy to make it
			 more readable must not lead to its devaluation as a legal document. The policy
			 must comply with all statutory and regulatory requirements.
B. Definitions-As used in this Regulation:
(1) "Director" is as defined in Section
		  38-1-20.
(2) "Policy" or "Policy Forms" means any
		  policy, certificate, rider, amendment, endorsement, contract, plan or agreement
		  of personal insurance, and any renewal thereof including homeowners, dwelling
		  fire, automobile, accident and health, life and all other forms of personal
		  insurance delivered or issued for delivery in this State by any company subject
		  to this Regulation; any certificate, contract or policy issued by a fraternal
		  benefit society, and any certificate issued pursuant to a group insurance
		  policy delivered or issued for delivery in this State. The Director may add
		  other policies as he deems advisable.
(3) "Company" or "Insurer" means any life and
		  health, accident, property and casualty, title or marine insurance company,
		  reciprocal, county mutuals, fraternal benefit society, nonprofit health
		  services corporation, nonprofit hospital service corporation, nonprofit medical
		  service corporation, prepaid health plan, dental care plan, vision care plan,
		  pharmaceutical plan, health maintenance organization, and all similar type
		  organizations.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-6 - Brokers' Licenses

Current through Register Vol. 48, No. 6, June 28, 2024
1. No
		  person shall be licensed as an insurance broker to represent citizens of this
		  State for the placing of insurance unless such person, at the time the initial
		  or renewal application is made for an insurance broker's license, possesses a
		  valid, current insurance agent's license for that line of business for which
		  the brokerage authority is intended to apply, and has been so licensed as such
		  an insurance agent for not less than two (2) years.
2. Every broker's license issued shall be
		  restricted to those lines of business for which specific application is made
		  and must be supported by record of prior issuance of agent's license for such
		  lines of business. The limits of authority of all broker's licenses shall be
		  plainly set forth on the face of the license.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-7 - Minimum Reserve Standards for Individual and Group Accident and Health Insurance Contracts

Current through Register Vol. 48, No. 6, June 28, 2024
Section I.
		  Introduction.
A. Scope.
1. These standards apply to all individual
		  and group accident and health insurance coverages except credit
		  insurance.
2. When an insurer
		  determines that adequacy of its accident and health insurance reserves requires
		  reserves in excess of the minimum standards specified herein, such increased
		  reserves shall be held and shall be considered the minimum reserves for that
		  insurer.
3. With respect to any
		  block of contracts, or with respect to an insurer's accident and health
		  business as a whole, a prospective gross premium valuation is the ultimate test
		  of reserve adequacy as of a given valuation date. Such a gross premium
		  valuation will take into account, for contracts in force, in a claims status,
		  or in a continuation of benefits status on the valuation date, the present
		  value as of the valuation date of all expected benefits unpaid, all expected
		  expenses unpaid, and all unearned or expected premiums, adjusted for future
		  premium increases reasonably expected to be put into effect.
4. Such a gross premium valuation is to be
		  performed whenever a significant doubt exists as to reserve adequacy with
		  respect to any major block of contracts, or with respect to the insurer's
		  accident and health business as a whole. In the event inadequacy is found to
		  exist, immediate loss recognition shall be made and the reserves restored to
		  adequacy. Adequate reserves (inclusive of claim, premium, and contract
		  reserves, if any) shall be held with respect to all contracts, regardless of
		  whether contract reserves are required for such contracts under these
		  standards.
5. Whenever minimum
		  reserves, as defined in these standards, exceed reserve requirements as
		  determined by a prospective gross premium valuation, such minimum reserves
		  remain the minimum requirement under these standards.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-8 - Reserves for Mortgage Guaranty Insurance

Current through Register Vol. 48, No. 6, June 28, 2024
This Regulation shall apply to all insurers writing mortgage
			 guaranty insurance in South Carolina. Mortgage guaranty insurance is defined
			 for the purposes of this Regulation as the insurance of mortgage lenders
			 against loss by reason of nonpayment of mortgage indebtedness by borrowers, and
			 should not be confused with other kinds of insurance written incidental to
			 mortgage loan transactions such as mortgage redemption life insurance, hazard
			 insurance covering improvements to real property, and credit accident and
			 health coverages.
1. Unearned premium
		  reserves for mortgage guaranty insurance shall be computed in accordance with
		  Sections
		  38-5-60,
		  38-9-170
		  and
		  38-9-180
		  which specify that such reserves are to be computed by the use of annual or
		  more frequent pro rata fractions.
2. In addition to the unearned premium
		  reserve, every mortgage guaranty insurer writing business in this State must
		  establish and maintain a contingency reserve, computed as hereinafter
		  described, for the further protection of such companies and their policyholders
		  against the adverse effects of economic cycles and other causes of excessive
		  loss experience. The contingency reserve shall be credited not less frequently
		  than annually, as of the end of each calendar year, with an amount equal to
		  fifty per cent of the premiums earned during the year, computed in accordance
		  with Sections
		  38-5-60,
		  38-9-170
		  and
		  38-9-180.
		  Each such amount credited to the contingency reserve shall be carried as a
		  liability for fifteen years following the year for which the credit is
		  established, unless used to pay mortgage guaranty losses as hereinafter
		  provided.
3. If for any year the
		  incurred losses and loss expenses for mortgage guaranty insurance shall exceed
		  forty per cent of the premiums earned on such business, the contingency reserve
		  may be charged with the amount of such excess if such charge is approved by the
		  Chief Insurance Commissioner. Any such annual charges shall be treated so as to
		  reduce or remove the amounts originally credited to said reserve on a first-in,
		  first-out basis.
4. Annual
		  statements reflecting mortgage guaranty insurance transactions by licensed
		  insurers must be prepared in compliance with this Regulation to meet the
		  requirements of Section
		  38-13-100.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-10 - Premium Service Companies

Current through Register Vol. 48, No. 6, June 28, 2024
1. Every
		  premium service agreement which confers upon a premium service company
		  authority to cause a policy of insurance covering lives, property or interests
		  situate in South Carolina to be terminated shall be deemed made in South
		  Carolina and such policy shall be so terminated only in accordance with the
		  provisions of Chapter 39 of Title 38, Code of Laws of South Carolina, 1976, and
		  the Regulations pursuant thereto.
2. The provisions of this Regulation do not
		  apply to premiums financed under revolving charge account arrangements by a
		  licensee which is a subsidiary of an insurer or group of affiliated insurers
		  where maximum charges do not exceed 7% per annum on the amount actually
		  financed. Such revolving charge account arrangements shall be submitted to the
		  Commissioner for approval or disapproval by specific order for each such
		  arrangement.
3. No licensee nor
		  other person acting for or in behalf of the licensee shall retain the original
		  policy in connection with any premium service agreement, and any such retention
		  of the original contract shall be deemed cause for the revocation of, or
		  refusal to renew, the license of such licensee.
4. Every application for a license or renewal
		  of the license as a premium service company shall be made on the form
		  prescribed by the Chief Insurance Commissioner which shall be completed and
		  filed in accordance with the instructions of the Commissioner accompanied by
		  all required supporting documents and the applicable fee.
5. In the case of an original application for
		  a license, the application shall be signed by:
(a) The sole proprietor, if the applicant is
		  a sole proprietor; or
(b) A general
		  partner, if the applicant is a partnership;
(c) The chief executive officer and the
		  secretary if the applicant is a corporation or other business entity whose
		  ownership is manifested by shares. Such original application shall be
		  accompanied by the certified resolution of the board of directors or similar
		  governing body of the corporation or other entity.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-12.1 - Replacement of Life Insurance and Annuities

Current through Register Vol. 48, No. 6, June 28, 2024
Section 1.
		  Purpose and Scope
A. The purpose of this
		  regulation is:
(1) To regulate the activities
		  of insurers and producers with respect to the replacement of existing life
		  insurance and annuities.
(2) To
		  protect the interests of life insurance and annuity purchasers by establishing
		  minimum standards of conduct to be observed in replacement or financed purchase
		  transactions. It will:
(a) Assure that
		  purchasers receive information with which a decision can be made in his or her
		  own best interest;
(b) Reduce the
		  opportunity for misrepresentation and incomplete disclosure; and
(c) Establish penalties for failure to comply
		  with requirements of this regulation.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-13.3 - Uniform Class and Territory Plan-Motorcycles

Current through Register Vol. 48, No. 6, June 28, 2024
The purpose of this Order is to amend portions of Order O9-74
			 which promulgated a uniform class plan and territory plan for motorcycle
			 risks.
For physical damage insurance purposes, the subgroups are
			 discontinued and the class plan is amended to provide for a rate per $100.00 of
			 the original cost new for all physical damage coverages.
Age Group
F.O.B. List Price
Age Group 1
Original Price
Age Group 2, 3
85% Of Original F.O.B
Age Group 4, 5
75% Of Original F.O.B
Age Group 6
55% Of Original F.O.B
Accordingly, the companies shall file, with this Department,
			 premium rates for Class 01 and Class 02 as called for in Order O9-74 on the
			 above bases for the following coverages:
(1) No Deductible Fire, Theft, and Combined
		  Additional Coverage
(2) $50
		  Deductible Collision
(3) $100
		  Deductible Collision
(4) $250
		  Deductible Collision
(A broader range of deductibles may be filed in addition to the
			 above).
This revised uniform class plan will become effective July 1,
			 1977. (Based on Insurance Commission designation O5-76.)
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-14 - Insurance Holding Company Systems

Current through Register Vol. 48, No. 6, June 28, 2024
Section I.
		  Forms--General Requirements.
A. Forms A, B,
		  C, D, E and F are intended to be guides in the preparation of the statements
		  required by S. C. Code Sections
		  38-21-60,
		  38-21-70,
		  38-21-125,
		  38-21-140,
		  38-21-150,
		  38-21-225
		  and
		  38-21-250.
		  They are not intended to be blank forms which are to be filled in. These
		  statements filed shall contain the number and captions of all items, but the
		  text of the items may be omitted provided the answers thereto are prepared in
		  such a manner as to indicate clearly the scope and coverage of the items. All
		  instructions, whether appearing under the items of the form or elsewhere
		  therein, are to be omitted. Unless expressly provided otherwise, if any item is
		  inapplicable or the answer thereto is in the negative, an appropriate statement
		  to that effect shall be made.
B.
		  One electronic filing for each statement (Forms A, B, C, D, E and F) including
		  exhibits and all other papers and documents filed as a part thereof, shall be
		  filed with the director or his designee. At least one of the copies shall be
		  signed in the manner prescribed on the form. Unsigned copies shall be
		  conformed. If the signature of any person is affixed pursuant to a power of
		  attorney or other similar authority, a copy of such power of attorney or other
		  authority shall also be filed with the statement.
C. If an applicant requests a hearing on a
		  consolidated basis under S.C. Code Section
		  38-21-90(C),
		  in addition to filing the Form A with the director or his designee, the
		  applicant shall file a copy of Form A with the National Association of
		  Insurance Commissioners (NAIC) in electronic form.
D. Statements should be prepared
		  electronically. Statements shall be easily readable and suitable for review and
		  reproduction. Debits in credit categories and credits in debit categories shall
		  be designated so as to be clearly distinguishable as such on photocopies.
		  Statements shall be in the English language and monetary values shall be stated
		  in United States currency. If any exhibit or other paper or document filed with
		  the statement is in a foreign language, it shall be accompanied by a
		  translation into the English language and any monetary value normally shown in
		  foreign currency shall be converted into United States currency.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-15 - South Carolina Deposits Required of Insurers

Current through Register Vol. 48, No. 6, June 28, 2024
Under S. C. Code Section
			 38-9-80
			 (1976), every domestic, foreign or alien insurance company, transacting or
			 desiring to transact business in South Carolina is required to make deposits
			 with the director or his designee in accordance with standards promulgated by
			 him. The director or his designee is empowered to prescribe the amounts
			 required, within the limits set forth in the statute, and he is specifically
			 authorized to subsequently increase or decrease the amount of deposit required
			 of any particular insurer.
The amount which an insurer is required to deposit is related to
			 its surplus as regards policyholders (capital and surplus for stock insurers or
			 surplus for mutual, fraternal benefit societies and reciprocal insurers), as
			 set forth in its most recent annual statement filed pursuant to S. C. Code
			 Section
			 38-13-80
			 (1976). Such amount is to be determined in accordance with the following
			 table:
Surplus as Regards Policyholders
Market Value of Deposit
Under $1,000,000
$200,000
$1,000,000 or more but less than $3,000,000
$175,000
$3,000,000 or more but less than $5,000,000
$150,000
$5,000,000 or more
$125,000
The director or his designee may subsequently increase or
			 decrease the amount of deposit required of an insurer depending upon particular
			 circumstances, such as the current financial condition of the insurer in
			 relation to its previous financial condition, the type or amount of business
			 written by the insurer, the method of operation of the insurer, etc. The
			 insurer will be notified of the amount of deposit it is required to
			 make.
South Carolina Code of Regulations › Chapter 69 - DEPARTMENT OF INSURANCE › Section 69-17 - Advertising of Accident and Health Insurance

Current through Register Vol. 48, No. 6, June 28, 2024
Section
		  1. Purpose. The purpose of these rules is to assure truthful and
		  adequate disclosure of all material and relevant information in the advertising
		  of accident and sickness insurance. This purpose is intended to be accomplished
		  by the establishment of, and adherence to, certain minimum standards and
		  guidelines of conduct in the advertising of accident, health, and accident and
		  health insurance in a manner which prevents unfair competition among insurers
		  and is conducive to the accurate presentation and description to the insurance
		  consumer of a policy of such insurance offered through various advertising
		  media or through the mails.
Section
		  2. Applicability.
A. These rules
		  shall apply to any accident, health, or accident and health insurance
		  "advertisement," as that term is hereinafter defined, intended for
		  presentation, distribution or dissemination in this State when such
		  presentation, distribution or dissemination is made either directly or
		  indirectly by or on behalf of an insurer, agent or broker as those terms are
		  defined in the Insurance Code of this State, or these rules.
B. Every insurer shall establish and at all
		  times maintain a system of control over the content, form and method of
		  dissemination of all advertisements of its policies. All such advertisements,
		  regardless of by whom written, created, designed or presented, shall be the
		  responsibility of the insurer whose policies are so advertised.