South Carolina § 38-9-430 Exemptions from application of article.

South Carolina Statutes

§ 38-9-430 — Exemptions from application of article.

South Carolina·Title 38 INSURANCE·Ch. 9 CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS

The director may exempt from the application of this article:

(1)a domestic property and casualty insurer that:

(a)writes direct business only in this State;

(b)writes direct annual written premiums of two million dollars or less; and (c) assumes no reinsurance in excess of five percent of its direct written premium; and (2) a domestic health organization that:

(a)writes direct business only in this State;

(b)assumes no reinsurance in excess of five percent of direct premium written; and (c) writes direct annual premiums of one million dollars or less.

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The director may exempt from the application of this article: (1) a domestic property and casualty insurer that: (a) writes direct business only in this State; (b) writes direct annual written premiums of two million dollars or less; and (c) assumes no reinsurance in excess of five percent of its direct written premium; and (2) a domestic health organization that: (a) writes direct business only in this State; (b) assumes no reinsurance in excess of five percent of direct premium written; and (c) writes direct annual premiums of one million dollars or less.

South Carolina § 38-9-430 (Exemptions from application of article.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1996 Act No. 254, SECTION 2; 2014 Act No. 164 (S.908), SECTION 12, eff January 1, 2015. Effect of Amendment 2014 Act No. 164, SECTION 12, rewrote the section.