South Carolina § 38-51-60 Books and records required.

South Carolina Statutes

§ 38-51-60 — Books and records required.

South Carolina § 38-51-60

Title 38INSURANCE

Ch. 51ADMINISTRATORS OF INSURANCE BENEFIT PLANS

This text of South Carolina § 38-51-60 (Books and records required.) 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. § 38-51-60 (2026).

Text

Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in Section 38-51-40 and five years thereafter adequate books and records of all transactions among the administrator, insurers, and insured persons. The books and records must be maintained in accordance with prudent standards of insurance record keeping. The director or his designee shall have access to the books and records for the purpose of examination, audit, and inspection, and information from the records must be furnished to the director or his designee on demand. Any trade secrets contained therein, including, but not limited to, the identity and addresses of policyholders and certificate holders, are confidential, except that the director or his designee

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Every administrator shall maintain at its principal administrative office for the duration of the written agreement referred to in Section 38-51-40 and five years thereafter adequate books and records of all transactions among the administrator, insurers, and insured persons. The books and records must be maintained in accordance with prudent standards of insurance record keeping. The director or his designee shall have access to the books and records for the purpose of examination, audit, and inspection, and information from the records must be furnished to the director or his designee on demand. Any trade secrets contained therein, including, but not limited to, the identity and addresses of policyholders and certificate holders, are confidential, except that the director or his designee may use the information in any proceedings instituted against the administrator. The insurer shall retain the right to continuing access to the books and records of the administrator sufficient to permit the insurer to fulfill all of its contractual obligations to insured persons, subject to any restrictions in the written agreement between the insurer and administrator on the proprietary rights of the parties in such books and records.

Legislative History

HISTORY: Former 1976 Code SECTION 38-51-60 [1947 (45) 322; 1949 (46) 600; 1952 Code SECTION 37-247; 1957 (50) 534; 1959 (51) 303; 1962 Code SECTION 37-247; 1964 (53) 2290; 1966 (54) 2666; 1981 Act No. 163, SECTION 1; 1986 Act No. 416] recodified as SECTION 38-43-60 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-67-40 [1985 Act No. 133, SECTION 4] recodified as SECTION 38-51-60 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 685.