South Carolina § 38-73-1110 Regulation of calculation and refunding of excess profit.

South Carolina Statutes

§ 38-73-1110 — Regulation of calculation and refunding of excess profit.

South Carolina·Title 38 INSURANCE·Ch. 73 PROPERTY, CASUALTY, INLAND MARINE, AND SURETY RATES AND RATE-MAKING ORGANIZATIONS

In order to assure fair implementation of Section 38-73-1100, the department shall promulgate a regulation concerning the calculation and refunding of excess profits. The regulation shall include consideration of:

(1)the total operating profits of each insurer in this State for the lines of insurance enumerated in Section 38-73-1100;

(2)the margin by which any insurer's operating results differ from the insurance industry's total results;

(3)the amount of excessive profits earned after the effective date of the refund provision of Section 38-73-1100;

(4)the insurers that operate in this State as affiliates of a group; and (5) the development period used to determine if unpaid losses are fairly estimated.

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In order to assure fair implementation of Section 38-73-1100, the department shall promulgate a regulation concerning the calculation and refunding of excess profits. The regulation shall include consideration of: (1) the total operating profits of each insurer in this State for the lines of insurance enumerated in Section 38-73-1100; (2) the margin by which any insurer's operating results differ from the insurance industry's total results; (3) the amount of excessive profits earned after the effective date of the refund provision of Section 38-73-1100; (4) the insurers that operate in this State as affiliates of a group; and (5) the development period used to determine if unpaid losses are fairly estimated.

South Carolina § 38-73-1110 (Regulation of calculation and refunding of excess profit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.