§ 2-77-10 Legislative findings
§ 2-77-15 Definitions
§ 2-77-20 Establishment of program; purpose; funding
§ 2-77-30 Contracting with eligible institutions
§ 2-77-40 Repayment of unexpended funds
§ 2-77-50 Regulations

Terms Used In South Carolina Code > Title 2 > Chapter 77

  • Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See South Carolina Code 33-13-250
  • Adjuster: means an individual who determines the extent of insured losses and assists in settling or attempts to settle claims. See South Carolina Code 31-3-580
  • Admitted insurer: means an insurer licensed to do business in this State. See South Carolina Code 31-3-580
  • Admitted insurer: means an insurer licensed to engage in the business of insurance in this State. See South Carolina Code 33-14-102
  • Alien insurer: means an insurer incorporated or organized under the laws of a country other than the United States of America, its states, commonwealths, territories, or insular possessions. See South Carolina Code 31-3-580
  • Appointment: means an individual designated by an official or authorized representative of an authorized insurer to act on its behalf as a producer. See South Carolina Code 31-3-580
  • Casualty insurance: means each insurance against legal liability of the insured for bodily injury to or death of another person, including workers' compensation insurance, and for damages to or loss or destruction of the property of another person; medical payments insurance when written in conjunction with insurance covering liability for the deaths or bodily injuries of another person; guaranteeing the fidelity of a person holding a position of public or private trust; loss of or damage to property caused by burglary, theft, larceny, robbery, fraud, or unlawful taking or secretion of property owned by or entrusted to the insured; loss of or damage to property of the insured resulting from the explosion of or damage to a fired or unfired boiler or other pressure vessel, engine, turbine, compressor, pump, wheel, or an apparatus generating, transmitting, or using electric power, and machinery or equipment connected with any of them; loss resulting from nonpayment of debts owed to merchants or another person extending credit. See South Carolina Code 31-3-580
  • Commission: means the part of the premium paid to the producer as compensation for his services. See South Carolina Code 31-3-580
  • Company: 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 31-3-580
  • Criminal gang: means a formal or informal ongoing organization, association, or group that consists of five or more persons who form for the purpose of committing criminal activity and who knowingly and actively participate in a pattern of criminal gang activity. See South Carolina Code 16-8-230
  • Department: means the Department of Insurance of South Carolina. See South Carolina Code 31-3-580
  • 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 31-3-580
  • Domestic insurer: means an insurer incorporated or organized under the laws of this State. See South Carolina Code 31-3-580
  • Eligible surplus lines insurer: means a nonadmitted insurer with which a licensed broker, or a licensed producer as provided in Section 38-45-10(8)(b)(ii), may place surplus lines insurance. See South Carolina Code 31-3-580
  • Exempt commercial purchaser: means any person purchasing commercial insurance that, at the time of placement, meets the following requirements:

    (a) the person employs or retains a qualified risk manager to negotiate insurance coverage;

    (b) the person has paid aggregate nationwide commercial property and casualty insurance premiums in excess of one hundred thousand dollars in the immediately preceding twelve months; and

    (c)(i) the person meets at least one of the following criteria:

    (A) the person possesses a net worth in excess of twenty million dollars, as that amount is adjusted pursuant to subsubitem (ii);

    (B) the person generates annual revenues in excess of fifty million dollars, as that amount is adjusted pursuant to subsubitem (ii);

    (C) the person employs more than five hundred full-time or full-time equivalent employees per individual insured or is a member of an affiliated group employing more than one thousand employees in the aggregate;

    (D) the person is a not-for-profit organization or public entity generating annual budgeted expenditures of at least thirty million dollars as that amount is adjusted pursuant to subsubitem (ii); or

    (E) the person is a municipality with a population in excess of fifty thousand persons. See South Carolina Code 33-14-102
  • Home state: means the District of Columbia and a state or territory of the United States in which an insurance producer maintains his principal place of residence or principal place of business and is licensed to act as an insurance producer. See South Carolina Code 31-3-580
  • insurance: includes annuities. See South Carolina Code 31-3-580
  • Insurance agency: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity in which more than one person has a financial interest. See South Carolina Code 31-3-580
  • Insurance broker: means an individual licensed by the department to represent citizens of this State in placing their insurance. See South Carolina Code 31-3-580
  • Insurance broker: means a property and casualty insurance producer licensed by the director or his designee who:

    (i) sells, solicits, or negotiates insurance on behalf of an insured;

    (ii) takes or transmits other than for himself an application for insurance or a policy of insurance to or from an insured;

    (iii) advertises or otherwise gives notice that he receives or transmits a surplus lines application or policy;

    (iv) receives or delivers a policy of surplus lines insurance for an insured on behalf of a surplus lines insurer;

    (v) receives, collects, or transmits a premium of surplus lines insurance; or

    (vi) performs another act in the making of a surplus lines insurance contract for or with an insured. See South Carolina Code 33-14-102
  • Insurance company: means an "insurer". See South Carolina Code 31-3-580
  • Insurance premium service company: means a person engaged in the business of entering into insurance premium service agreements. See South Carolina Code 31-3-580
  • 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 31-3-580
  • Insurer: means a domestic insurer as defined in Section 38-1-20(17). See South Carolina Code 33-13-250
  • License: means a document issued by the state's director or his designee authorizing a person to act as an insurance producer for the lines of authority specified in the document. See South Carolina Code 31-3-580
  • Municipal agent: means the Municipal Association of South Carolina or other designated agent of the municipality for the purpose set forth in this chapter. See South Carolina Code 33-14-102
  • Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See South Carolina Code 31-3-580
  • Nonadmitted insurer: means an insurer not licensed to do an insurance business in this State. See South Carolina Code 31-3-580
  • Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. See South Carolina Code 31-3-580
  • Policy: means a contract of insurance. See South Carolina Code 31-3-580
  • Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 31-3-580
  • Premium service agreement: means an agreement by which an insured or prospective insured promises to pay to an insurance premium service company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer or insurance broker in payment of premiums on an insurance contract together with a service charge as authorized by Chapter 39 of this title. See South Carolina Code 31-3-580
  • Premium tax: means , with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a governmental entity directly or indirectly based on any payment made as consideration for an insurance contract, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance. See South Carolina Code 33-14-102
  • producer: means a person who represents an insurance company and is required to be licensed pursuant to Section 38-43-10. See South Carolina Code 31-3-580
  • Property insurance: means each insurance against direct or indirect loss of or damage to a property resulting from fire, smoke, weather disturbances, climatic conditions, earthquake, volcanic eruption, rising waters, insects, blight, animals, war damage, riot, civil commotion, destruction by order of civil authority to prevent spread of conflagration or for other reason, water damage, vandalism, glass breakage, explosion of a water system, collision, theft of automobiles, and personal effects in them (but no other forms of theft insurance), loss of or damage to domestic or wild animals, and any other perils to property which in the discretion of the director or his designee form proper subjects of property insurance, if not specified in items (1), (7), (11), (35), (40), (54), or (59) of this section. See South Carolina Code 31-3-580
  • Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company. See South Carolina Code 31-3-580
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. See South Carolina Code 31-3-580
  • State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. See South Carolina Code 33-14-102
  • Surety: includes insurance or a bond that covers obligations to pay the debts, or answer for the default, of another, including faithlessness in a position of public or private trust. See South Carolina Code 31-3-580
  • Surplus lines insurance: means insurance in this State of risks located or to be performed in this State, permitted to be placed through a licensed broker, or a licensed broker as provided in Section 38-45-10(8)(b)(ii), with a nonadmitted insurer eligible to accept the insurance, other than reinsurance, wet marine and transportation insurance, insurance independently procured, and life and health insurance and annuities. See South Carolina Code 31-3-580
  • Surplus lines insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker, or an insurance producer as provided in subitem (b)(ii), with a surplus lines insurer eligible to accept the insurance as defined in Section 38-1-20(56). See South Carolina Code 33-14-102
  • Surplus lines insurer: means an insurer not licensed to engage in the business of insurance in this State, but does not include a risk retention group, as that term is defined in Section 2(a)(4) of the Liability Risk Retention Act of 1986 (15 U. See South Carolina Code 33-14-102
  • Terminate: means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See South Carolina Code 31-3-580