Terms Used In South Carolina Code 38-9-110

  • 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
  • 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
  • Policy: means a contract of insurance. See South Carolina Code 38-1-20
A domestic company, in order to comply with the laws of any other state or territory of the United States, may make a voluntary deposit with the director or his designee in excess of the amount required by § 38-9-80. This excess deposit is subject to all other applicable provisions of the laws of this State relating to the deposits of insurers, except that the excess deposit must be for the protection of all the company’s policy obligations, ratably and without preference, notwithstanding the provisions of § 38-9-90. However, a domestic company making this voluntary deposit is relieved of making the deposit required by § 38-9-80 if the company meets the definition of a qualified insurer as defined in § 38-9-100 and if the voluntary deposit meets the requirements of § 38-9-100.
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