§ 38-13-320 — Data in supplemental report.

South Carolina § 38-13-320

• Jurisdiction: South Carolina
• Title 38: INSURANCE
• Ch. 13: EXAMINATIONS, INVESTIGATIONS, RECORDS, AND REPORTS

Text

The supplemental report may include, but is not limited to, the following data both as to this State and the United States for the previous year ending on December thirty-first: (a) direct premiums written, (b) direct premiums earned, (c) net investment income, including net realized capital gains and losses, using appropriate estimates where necessary, (d) incurred claims, developed as the sum of the following (the report shall include data for each of the following categories used to develop the sum of incurred claims): (1) dollar amount of claims closed with payment, plus (2) dollar amount of payments on claims still open, plus (3) reserves for reported claims at the end of the current year, minus (4) reserves for reported claims at the end of the previous year, plus (5) reserves for incurred but not reported claims at the end of the current year, minus (6) reserves for incurred but not reported claims at the end of the previous year, plus (7) loss adjustment expenses for claims closed, plus (8) reserves for loss adjustment expense at the end of the current year, minus (e) actual incurred expenses allocated separately to loss adjustment, commissions, other acquisition costs, advertising, general office expenses, taxes, licenses and fees, and all other expenses; (f) net underwriting gain or loss; (g) net operation gain or loss, including net investment income; (h) the number and dollar amount of claims closed with payment, by year incurred and the amount reserved for them; (i) the number of claims closed without payment and the dollar amount reserved for those claims; (j) federal income tax recoverable; and (k) any other information requested by the director or his designee.

Legislative History

HISTORY: 1987 Act No. 166, SECTION 13; 1993 Act No. 181, SECTION 537; 1997 Act No. 68, SECTION 4.