South Carolina Code 38-75-340. Plan of operation
(1) the number, qualifications, terms of office, and manner of election of the members of the board of directors, provided that four members of the board of directors must be consumers who are representative of business policyholders, residential single-family dwelling policyholders, and apartment, condominium, or multiple-family dwelling policyholders, and who are selected from recommendations from the members of the legislative delegations from the seacoast area;
Terms Used In South Carolina Code 38-75-340
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Association: means the South Carolina Wind and Hail Underwriting Association established pursuant to the provisions of this article. See South Carolina Code 38-75-310
- Coastal area: means :
(a) all areas in Beaufort County and Colleton County which are east of the west bank of the intracoastal waterway;
(b) the following areas in Georgetown County: all areas between the Harrell Siau Bridge and the Georgetown-Horry County border which are east of a line paralleling U. See South Carolina Code 38-75-310 - Coinsurance: means a stipulation or requirement that the insured undertakes to be his own insurer to the extent that he fails to maintain insurance of a given percentage of the value of the property against loss or damage. See South Carolina Code 38-1-20
- 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
- Plan of operation: means the plan of operation of the association approved or promulgated by the department pursuant to the provisions of this article. See South Carolina Code 38-75-310
- Seacoast area: means all areas within Horry, Georgetown, Berkeley, Charleston, Dorchester, Colleton, Beaufort, and Jasper Counties. See South Carolina Code 38-75-310
(2) the efficient, economical, fair, and nondiscriminatory administration of the association;
(3) the prompt and efficient provision of essential property insurance in the coastal areas of the State;
(4) the manner of election of officers;
(5) the establishment of necessary facilities;
(6) the management of the association;
(7) the assessment of members to defray losses and expenses;
(8) reasonable underwriting standards, rating subdivisions, and rates including, but not limited to, developing multiple-tiered rates within the coastal area territory that reflect the relative risks of the properties located within a particular tier;
(9) commissions to be paid to agents or brokers;
(10) procedures for an open, competitive process for the acceptance and cession of reinsurance, provided that the association is not required to follow the provisions of the South Carolina Consolidated Procurement Code, and for determining the amounts of insurance to be provided to specific risks;
(11) time limits and procedures for processing applications for insurance; and
(12) other provisions considered necessary by the director or his designee to carry out the purposes of this article.
(B) Insurance effected pursuant to this article must have limits of liability provided in the plan of operation. The director or his designee shall approve the limits. Excess insurance is not permitted until the maximum available under the plan has been purchased. After that, excess insurance may be purchased and must be included for the purpose of meeting any coinsurance requirement.
(C) The board of the association, subject to the approval of the director or his designee, may amend the plan of operation at any time. The director or his designee shall review the plan of operation annually. The director or his designee shall review the rate structure and loss experience semi-annually in accordance with § 38-75-400. After review of the plan, the director or his designee may amend the plan and the amendment takes effect immediately upon ratification by the board.