Terms Used In South Carolina Code > Title 42 > Chapter 5 - Insurance and Self-Insurance

• accident: as used in this title must not be construed to mean a series of events in employment, of a similar or like nature, occurring regularly, continuously, or at frequent intervals in the course of such employment, over extended periods of time. See South Carolina Code 42-1-160
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Alien captive insurance company: means an insurance company formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of an alien jurisdiction which imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction. See South Carolina Code 38-90-10
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a legal association of individuals, corporations, limited liability companies, partnerships, political subdivisions, or associations:
  
  (a) the member organizations of which collectively, or which does itself:
  
  (i) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or
  
  (ii) have complete voting control over an association captive insurance company organized as a mutual insurer; or
  
  (b) the member organizations of which collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. See South Carolina Code 38-90-10
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Branch business: means any insurance business transacted by a branch captive insurance company in this State. See South Carolina Code 38-90-10
• Branch captive insurance company: means an alien captive insurance company licensed by the director to transact the business of insurance in this State through a business unit with a principal place of business in this State. See South Carolina Code 38-90-10
• Branch operations: means any business operations of a branch captive insurance company in this State. See South Carolina Code 38-90-10
• Captive insurance company: means a pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, risk retention group, or industrial insured captive insurance company formed or licensed under this chapter. See South Carolina Code 38-90-10
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the South Carolina Department of Insurance. See South Carolina Code 38-90-10
• Director: means the Director of the South Carolina Department of Insurance or the director's designee. See South Carolina Code 38-90-10
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Home state: means the District of Columbia and a state or territory of the United States in which an insurance producer maintains his principal place of residence or principal place of business and is licensed to act as an insurance producer. See South Carolina Code 38-1-20
• Industrial insured: means an insured as defined in § 38-25-150(8). See South Carolina Code 38-90-10
• Industrial insured captive insurance company: means a company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See South Carolina Code 38-90-10
• Industrial insured group: means a group that meets either of the following criteria:
  
  (a) a group of industrial insureds that collectively:
  
  (i) own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer or limited liability company; or
  
  (ii) have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer; or
  
  (b) a risk retention group. See South Carolina Code 38-90-10
• insurance: includes annuities. See South Carolina Code 38-1-20
• Insurance company: means an "insurer". See South Carolina Code 38-1-20
• Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a document issued by the state's director or his designee authorizing a person to act as an insurance producer for the lines of authority specified in the document. See South Carolina Code 38-1-20
• Member organization: means any individual, corporation, limited liability company, partnership, or association that belongs to an association. See South Carolina Code 38-90-10
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Parent: means any corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting interests of a captive insurance company. See South Carolina Code 38-90-10
• Person: means an individual, corporation, partnership, association, joint stock company, trust, unincorporated organization, or any similar entity or combination thereof. See South Carolina Code 38-90-10
• Personal property: All property that is not real property.
• Policy: means a contract of insurance. See South Carolina Code 38-1-20
• Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
• Protected cell: means an identified pool of assets and liabilities of a sponsored captive insurance company for one or more participants that is segregated and insulated from the remainder of the sponsored captive insurance company's assets and liabilities as set forth in this chapter. See South Carolina Code 38-90-10
• Protected cell assets: means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a sponsored captive insurance company. See South Carolina Code 38-90-10
• Protected cell liabilities: means all liabilities and other obligations identified with and attributable to a specific protected cell of a sponsored captive insurance company. See South Carolina Code 38-90-10
• Pure captive insurance company: means a company that insures risks of its parent, affiliated companies, controlled unaffiliated business, or a combination thereof or cedes or assumes business from a risk pool for the purpose of risk sharing. See South Carolina Code 38-90-10
• Quorum: The number of legislators that must be present to do business.
• Risk retention group: means a captive insurance company formed under the Liability Risk Retention Act of 1986, 15 U. See South Carolina Code 38-90-10
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Special purpose captive insurance company: means a captive insurance company that is formed or licensed under this chapter that does not meet the definition of any other type of captive insurance company defined in this section. See South Carolina Code 38-90-10
• Sponsor: means an entity that is approved by the director to provide all or part of the capital and surplus required by applicable law and to organize and operate a sponsored captive insurance company. See South Carolina Code 38-90-10
• Sponsored captive insurance company: means a captive insurance company:
  
  (a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors;
  
  (b) that is formed or licensed under this chapter;
  
  (c) that segregates liability through one or more protected cells; and
  
  (d) that insures the risks of participants through participant contracts. See South Carolina Code 38-90-10
• Subpoena: A command to a witness to appear and give testimony.