South Carolina § 38-46-60 Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements.

South Carolina Statutes

§ 38-46-60 — Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements.

South Carolina § 38-46-60

Title 38INSURANCE

Ch. 46REINSURANCE INTERMEDIARY ACT

This text of South Carolina § 38-46-60 (Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-46-60 (2026).

Text

(A)An insurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Section 38-46-30.

(B)An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business unless the reinsurance intermediary-broker is under common control with the insurer and subject to the Insurance Holding Company Regulatory Act.

(C)The insurer annually shall file with the department not later than June first a copy of the statements of the financial condition of each reinsurance intermediary-broker which the insurer has engaged. The statements must be prepared by an independent certified accountant in a form acceptable to the dir

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(A) An insurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Section 38-46-30. (B) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business unless the reinsurance intermediary-broker is under common control with the insurer and subject to the Insurance Holding Company Regulatory Act. (C) The insurer annually shall file with the department not later than June first a copy of the statements of the financial condition of each reinsurance intermediary-broker which the insurer has engaged. The statements must be prepared by an independent certified accountant in a form acceptable to the director or his designee.

Legislative History

HISTORY: 1992 Act No. 332, SECTION 1; 1993 Act No. 181, SECTION 675; 2019 Act No. 6 (S.360), SECTION 7.A, eff July 1, 2019. Effect of Amendment 2019 Act No. 6, SECTION 7.A, in (C), in the first sentence, substituted "not later than June" for "not later than March".