South Carolina Code 38-101-80. Additional requirements for admitted insurers providing private flood insurance coverage
(1) notify the director or his designee at least thirty days before writing flood insurance in this State; and
Terms Used In South Carolina Code 38-101-80
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
(2) file a plan of operation and financial projections or revisions to such plan, as applicable, with the director or his designee.
(B) Admitted insurers writing private flood insurance shall comply with the requirements of Chapter 13 and are subject to examination in accordance with Chapter 13. Brokers placing flood insurance policies are subject to examination in accordance with § 38-45-80.
(C) Subsection (A) does not impose new requirements on any insurer currently writing private flood insurance coverage at the time of enactment of this chapter.
(D) Admitted insurers exiting the private flood insurance market shall notify the director or his designee within forty-five days of the market exit.