South Carolina Administrative Code

69-20. Campus Life Insurance. Complaints and abuses related to life insurance sold on or around the campuses of our universities and colleges have grown to intolerable proportions bringing into disrepute not only such campus life insurance but all life insurance. In particular, p…

69-22. Health Maintenance Organizations. Section I. Definitions. Unless the context otherwise requires, the following definitions shall apply as the terms are used in both this regulation and Chapter 33 of Title 38 of the 1976 South Carolina Code, as amended (the Health Maintenan…

69-23. Adjuster, Public Adjuster, Appraiser, Broker, Bondsmen, Runner, Producer and Agency Licenses. 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 ag…

69-24. Workmen’s Compensation—Dividends to Policyholders. Section 1. Background and Purpose. It has come to the attention of the South Carolina Insurance Commission that some Workmen’s Compensation insurers and agents may be using unfairly discrimi- natory and other misleading pr…

69-25. Prohibition Against Decreases in Income Benefits From Group Disability Policies Due to Increases in Social Security Benefits. Section 1. Purpose. The purpose of this Regulation is to prohibit insurers from including an offset of increased social security benefits in group …

69-27. Guaranty Act—Applicability. 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 Assoc…

69-29. Suitability in Annuity Transactions. 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…

69-3. Definitions. 1. Except as may be otherwise set forth by the Statutes of this State, the following words and phrases, whenever and wherever they appear in matters under the cognizance of this Commission, shall have the meaning ascribed herein: Accepting insurer—The Company t…

69-30. Life Insurance Disclosure Regulation. 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…

69-31. Practice and Procedure for Hearings Before the Chief Insurance Commissioner under the State Administrative Procedures Act, Act No. 176 of 1977. A. Scope of rules: The rules of procedure in this regulation govern the practice for hearings, decisions, and administrative revi…

69-32. Unfair Discrimination on the Basis of Blindness or Partial Blindness. 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 constitu…

69-33. Dates for Payment of License Fees/Appointment Fees for Adjusters, Agencies, Bail Bondsmen/Runners, Brokers, Motor Vehicle Physical Damage Appraisers, Premium Ser- vice Companies, Producer Appointments, Producers, Public Adjusters, Rental Car Compa- nies, Service Contract P…

69-34. Individual Accident and Health Insurance Minimum Standards. (Statutory Authority: 1976 Code §§ 1-23-10 et seq., 38-3-110(2), 38-71-530, 38-71-540, 38-71-550) A. Table of Contents: B TTTTTT Purpose C TTTTTT Applicability and Scope D TTTTT Effective Date E TTTTTT Policy Defi…

69-34.1. Accident and Health Insurance Solicitation. A. Table of Contents: B TTTTTT Purpose C TTTTTT Applicability and Scope D TTTTT Definitions E TTTTTT Unfair and Deceptive Acts F TTTTTT Duplication of Insurance G TTTTT Record Maintenance, Licensee Accountability and General Re…

69-34.2. Replacement of Accident and Health Insurance. A. Table of Contents: B TTTTTT Purpose C TTTTTT Applicability and Scope D TTTTT Definitions E TTTTTT Replacement F TTTTTT Replace After Indication of No Replacement G TTTTT Severability H TTTTT Effective Date B. Purpose: The …

69-36. Procedure for Permitting Same Minimum Nonforfeiture Standards for Men and Women Under 1980 CSO and CET Mortality Tables. (Statutory Authority: 1976 Code §§ 38-3-110, 38-63-600(8)(f)) SECTION 1. Purpose. The purpose of this regulation is to permit individual life insurance …

69-37. Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annui- ties. Table of Contents Section 1. Authority Section 2. Purpose Section 3. Definitions Section 4. Individual Annuity or Pure Endowment Contracts Section 5. Application of the 2012 IAR Table Sect…

69-38. Regulation Permitting Smoker/Nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits. (Statutory Authority: 1976 Code §§ 38-3-110, 38-9-180, 38-63-600(8)(f)) SECTION 1. Purpose. The purpose of this regulation is to permit th…

69-39. Annuity Disclosure Regulation. 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 in…

69-4. Life, Accident and Health Insurance—Reserve Tabulations. 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 d…

69-40. Life Insurance Policy Illustration Rules. 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 stand…

69-40.1. Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities. Section 1. Purpose The purpose of this regulation is to set forth standards to protect consumers from misleading and fraudulent marketing practices with respe…

69-41. Prepaid Dental Service. (Statutory Authority: 1976 Code §§ 38-3-110, 38-1-20(1), 1-23-10) A. Introduction. In Act No. 40 of 1979, the South Carolina General Assembly amended S. C. Code § 38-5-20(b)(1976) [recodified as § 38-1-20(1)], so as to add ‘‘prepaid dental service’’…

69-42. Multiple Employer Self-Insured Health Plans. (Statutory Authority: 1976 Code §§ 38-3-110, 38-41-100, 38-41-110, 1-23-10 et. seq. (1976), as amended) A. Establishment, Maintenance and Control by Employers. In Public Law 97-473, Congress amended the Employee Retirement Incom…

69-43. Group Health Insurance Coordination of Benefits. Section 1. Authority. This regulation is promulgated under S. C. Code §§ 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 requir…

69-44. LONG TERM CARE INSURANCE. Section 1. Purpose 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 insura…

69-45. Data Reporting and Determination of Excess Profits. Section 1. Purpose. The purpose of this regulation is to provide standards for both the reporting of the loss and expense experience data required by South Carolina Code Section 38-13-300 (1976), as amended, as well as fo…

69-46. MEDICARE SUPPLEMENT INSURANCE. (Statutory Authority: 1976 Code Sections 1-23-110 et seq., 38-3-110, and 38-17-530) Editor’s Note Unless otherwise noted, the following constitutes the history for 69-46, Section 1 to App. C. HISTORY: Added by State Register Volume 13, Issue …

69-47. Private Review Agents. (Statutory Authority: 1976 Code §§ 38-70-60, 1-23-10 et seq., and Acts 311 of 1990) I. Purpose. The purpose of this regulation is to implement and enforce the provisions and statutory requirements contained in Act 311 of 1990 and to establish applica…

69-48. Life And Health Reinsurance Agreements. (Statutory Authority: 1976 Code §§ 38-3-110(1), 38-9-170(1)(b), 38-9-190, and 1-23-10 et seq.) Section I. Preamble. A. The South Carolina Department of Insurance recognizes that licensed insurers routinely enter into reinsurance agre…

69-5. Policy Approvals. 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 insta…

69-5.1. Minimum Standards for the Readability of Commonly Purchased Insurance Poli- cies. 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 de…

69-50. Continuing Insurance Education. I. Purpose The purpose of this regulation is to establish rules and standards which shall apply to continuing insurance education for individuals qualified or licensed to act as insurance producers in this State. II. Scope A. The rules conta…

69-52. Actuarial Opinion And Memorandum Regulation. Section I. Purpose The purpose of this regulation is to prescribe: A. Requirements for statements of actuarial opinion that are to be submitted in accordance with Section 38-9-180 of the Code of Laws of South Carolina (hereinaft…

69-53. Credit for Reinsurance. (Statutory Authority: 1976 Code §§ 1-23-110 et seq., 38-3-110 et seq., 38-9-200) Section I. Purpose. The purpose of this regulation is to set forth rules and procedural requirements which the director or his designee deems necessary to carry out the…

69-54. Experience Modification for Staff Leasing Services Companies in the Workers Compensation Assigned Risk Plan. (Statutory Authority: 1976 Code §§ 40-68-120(D), 38-3-110(2), 1-23-10 et seq.) I. Purpose. The purpose of this regulation is to implement Section 40-68-120(D), Code…

69-56. Hurricane, Named Storm or Wind/Hail Deductible. Under S. C. Code Ann. Section 38-73-70 (1976), the Department of Insurance may make reasonable regulations for the enforcement of Chapter 73 entitled ‘‘Property, Casualty, Inland Marine and Surety Rates and Rate-making Organi…

69-57. Valuation of Life Insurance Policies. Section 1. Purpose. A. The purpose of this regulation is to provide: (1) Tables of select mortality factors and rules for their use; (2) Rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits;…

69-57.1. Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits. (Statutory Authority: 1976 Code §§ 38-3-110, 38-9-180, 38-63-510 et seq., 1-23-110 et seq.) Section 1. Authority Section 2. Purpose Section 3. Defin…

69-57.2. Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities. (Statutory Authority: 1976 Code §§ 38-9-180 and 1-23-10 et seq.) Section 1. Authority Section 2. Purpose Section 3. Definitions Section 4. 2001 CSO Preferred Class Structure Tab…

69-57.3. Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values. Section 1. Authority Section 2. Scope Section 3. Purpose Section 4. Definitions Section 5. Minimum Valuation Mortality Standards Section 6. Minimum Valuation Interest R…

69-58. PRIVACY OF CONSUMER FINANCIAL AND HEALTH INFORMATION. (Statutory Authority: 1976 Code Sections 1-23-110 et seq., 38-3-110, and Title V of Pub. Law 102-106, the Gramm-Leach-Bliley Act) Table of Contents ARTICLE I. GENERAL PROVISIONS Section 1. Authority Section 2. Purpose a…

69-6. Brokers’ Licenses. 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…

69-60. Captive Insurance Companies. Section 1. Purpose and Authority. The purpose of this regulation is to set forth the financial and reporting requirements which the director or his designee deems necessary for the regulation of captive insurance companies, as authorized by the…

69-61. Service Contracts. I. Purpose and Scope. A. This regulation establishes rules and standards to regulate service contracts marketed in the state of South Carolina. This regulation does not apply to: 1. warranties; 2. maintenance agreements; 3. commercial transactions; 4. wa…

69-62. CLOSEOUT AND TERMINATION OF THE SCAAIP. (Statutory Authority: 1976 Code § 38-91-10 et seq.) Table of Contents 69-62.1 Purpose and Applicability 69-62.2 Definitions 69-62.3 Procedures for Closeout and Termination of the SCAAIP

69-62.1. Purpose and Applicability This regulation applies to automobile property and casualty insurance business transacted by the South Carolina Associated Auto Insurers Plan (SCAAIP). The purpose of this regulation is to provide for the termination and orderly transition of bu…