South Carolina Code 38-29-100. Duties and powers of director; suspension or revocation of certificate of authority; appeals from board of directors; notice to interested persons of effect of chapter
(1) The director or his designee:
Terms Used In South Carolina Code 38-29-100
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Association: means the South Carolina Life and Accident and Health Insurance Guaranty Association created under § 38-29-50. See South Carolina Code 38-29-20
- Director: means the Director of the Department of Insurance. See South Carolina Code 38-29-20
- Impaired insurer: means a member insurer which, after the effective date of this chapter, is not an insolvent insurer but has been placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See South Carolina Code 38-29-20
- Insolvent insurer: means a member insurer which, after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See South Carolina Code 38-29-20
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member insurer: means an insurer or health maintenance organization authorized to transact in this State any kind of insurance to which this chapter applies under § 38-29-40. See South Carolina Code 38-29-20
- Premiums: means amounts or considerations received on covered policies or contracts less returned premiums, considerations and deposits and less dividends and experience credits. See South Carolina Code 38-29-20
- State: means a state, the District of Columbia, Puerto Rico, and a United States' possession, territory, or protectorate. See South Carolina Code 38-29-20
(a) shall notify the board of directors of the existence of an impaired insurer no later than three days after a determination of impairment is made or he receives notice of impairment;
(b) shall, upon request of the board of directors, provide the association with a statement of the premiums written in this State and any other appropriate state for each member insurer;
(c) shall, when an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer constitutes notice to its shareholders, if any. The failure of the insurer to comply promptly with the demand does not excuse the association from the performance of its powers and duties under this chapter.
(2) The director or his designee may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the director or his designee may levy a forfeiture on a member insurer that fails to pay an assessment when due. The forfeiture may not exceed five percent of the unpaid assessment per month but may not be less than one hundred dollars a month.
(3) A final action of the board of directors or the association may be appealed to the director as provided by law by any member insurer if the appeal is taken within sixty days of receipt of notice of the final action being appealed. A final action or order of the director is subject to judicial review in a court of competent jurisdiction in accordance with the laws of this State.
(4) The liquidator, rehabilitator, or conservator of an impaired or insolvent insurer may notify all interested persons of the effect of this chapter.