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South Carolina Statutes, Title 38

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South Carolina/Statutes

← All South Carolina coverage

Title 38, Insurance

66 chapters · 1,628 sections in this title.

All chapters in Title 381,628 Ch 71, Title 38, Chapter 71173 Ch 73, Title 38, Chapter 73108 Ch 77, Title 38, Chapter 7770 Ch 75, Title 38, Chapter 7569 Ch 27, Title 38, Chapter 2762 Ch 43, Title 38, Chapter 4362 Ch 13, Title 38, Chapter 1357 Ch 90, Title 38, Chapter 9053 Ch 19, Title 38, Chapter 1943 Ch 21, Title 38, Chapter 2143 Ch 9, Title 38, Chapter 941 Ch 38, Title 38, Chapter 3838 Ch 53, Title 38, Chapter 5338 Ch 55, Title 38, Chapter 5536

12 sections·Filtered byTitle 38✕Ch 46✕

S.C. Code Ann. § 38-46-10 Short title
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This chapter may be cited as the "Reinsurance Intermediary Act".
S.C. Code Ann. § 38-46-100 Reinsurance intermediary subject to examination; access to books, accounts and records
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(A) A reinsurance intermediary is subject to examination by the director or his designee. The director or his designee must have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the director or his designee. (B) A reinsurance int…
S.C. Code Ann. § 38-46-110 Violations; hearings; penalties; judicial review; rights of policy holders, claimants, creditors, and other third parties not affected
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(A) A reinsurance intermediary, insurer, or reinsurer found by the director or his designee after a hearing conducted in accordance with Insurance Department Regulation 69-31 to be in violation of this chapter: (1) for each separate violation, shall pay a penalty of not more than…
S.C. Code Ann. § 38-46-120 Department to promulgate regulations
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The department may promulgate reasonable regulations for the implementation and administration of this chapter.

S.C. Code Ann. § 38-46-20 Definitions

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As used in this chapter: (1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries. (2) "Controlling person" means a person, a firm, an association, or a corporation who directly or indirectly has power to direct or cause to be directed th…

S.C. Code Ann. § 38-46-30 Licensing requirement for intermediary-broker and intermediary-manager; bond; requisites for licensing; fee; refusal of license; designation of person to receive process; attorneys exempt

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(A) No person may act as a reinsurance intermediary-broker in this State if he maintains an office directly or as a member or an employee of a firm or an association or as an officer, a director, or an employee of a corporation in: (1) this State unless the reinsurance intermedia…

S.C. Code Ann. § 38-46-40 Written contract required between intermediary-broker and insurer it represents; minimum terms contract must provide

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Transactions between a reinsurance intermediary-broker and the insurer it represents in that capacity only may be entered into pursuant to a written contract specifying the responsibilities of each party. The contract, at a minimum, must provide that: (1) The insurer may terminat…

S.C. Code Ann. § 38-46-50 Records of contracts of reinsurance to be maintained for at least ten years; access by insurer

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(A) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, he shall keep a complete record for each transaction showing: (1) the type of contract, limits, underwriting restrictions, classes or risks, and territor…

S.C. Code Ann. § 38-46-60 Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements

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(A) An insurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Section 38-46-30. (B) An insurer may not employ an individual who is employed by…

S.C. Code Ann. § 38-46-70 Transactions between reinsurance intermediary-manager and reinsurer it represents regulated; written contract required; approval by reinsurer's directors and by director; terms contract must include

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Transactions between a reinsurance intermediary-manager and the reinsurer it represents in that capacity only may be entered into pursuant to a written contract specifying the responsibilities of each party, which must be approved by the reinsurer's board of directors. No contrac…

S.C. Code Ann. § 38-46-80 Acts prohibited of reinsurance intermediary-manager

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The reinsurance intermediary-manager may not: (1) cede retrocessions on behalf of the reinsurer, except the reinsurance intermediary-manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance un…

S.C. Code Ann. § 38-46-90 Party engaged to act as intermediary-manager to be licensed; annual filing of financial statements; loss reserves; authority for retrocessional contracts or participation in reinsurance syndicates; notice of termination of contract with intermediary-manager; persons in certain positions not to serve on reinsurer's board

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(A) A reinsurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by Section 38-46-30. (B) The reinsurer annually shall file with the department no…