South Carolina Code 38-29-50. Association created; membership as a condition of authority to transact insurance; accounts; supervision
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(1) There is created a nonprofit legal entity to be known as the South Carolina Life and Accident and Health Insurance Guaranty Association. All member insurers are and must remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under § 38-29-90 and shall exercise its powers through a board of directors established under § 38-29-60. For purposes of administration and assessment, the association shall maintain three accounts:
(a) the accident and health insurance account;
Terms Used In South Carolina Code 38-29-50
- Accident and health insurance: means insurance of human beings against death or personal injury by accident, and each insurance of human beings against sickness, ailment, and any type of physical disability resulting from accident or disease, and prepaid dental service, but not including coverages required by the Workers' Compensation Law of this State. See South Carolina Code 38-1-20
- Account: means any of the three accounts created under § 38-29-50. See South Carolina Code 38-29-20
- Association: means the South Carolina Life and Accident and Health Insurance Guaranty Association created under § 38-29-50. See South Carolina Code 38-29-20
- Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Life insurance: means a contract of insurance upon the lives of human beings. See South Carolina Code 38-1-20
- State: means a state, the District of Columbia, Puerto Rico, and a United States' possession, territory, or protectorate. See South Carolina Code 38-29-20
(b) the life insurance account; and
(c) the annuity account.
(2) The association is under the immediate supervision of the department and is subject to the applicable insurance laws of this State.