South Carolina Statutes
§ 38-13-890 — Penalties.
An insurer who, without just cause, fails to timely file the ORSA Summary Report shall, after notice and hearing, pay a penalty of one thousand dollars for each day's delay, to be recovered by the director. The penalty funds recovered must be paid into the General Revenue Fund of this State. The maximum penalty under this section is thirty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.
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South Carolina § 38-13-890 (Penalties.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2017 Act No. 48 (S.254), SECTION 1, eff January 1, 2018.
Nearby Sections
15
§ 38-13-1000
Purpose; construction; application.§ 38-13-1010
Definitions.§ 38-13-1030
Rules, regulations, and orders.§ 38-13-1040
Discretion over responses to inquiries; examination of documentation and supporting information.§ 38-13-1060
Retention of third-party consultants.§ 38-13-1070
Penalties.§ 38-13-1080
Effective date of this article.§ 38-13-130
Records of losses and claims.