South Carolina Code 38-44-20. Definitions
(1) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries.
Terms Used In South Carolina Code 38-44-20
- Alien insurer: means an insurer incorporated or organized under the laws of a country other than the United States of America, its states, commonwealths, territories, or insular possessions. See South Carolina Code 38-1-20
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
- Domestic insurer: means an insurer incorporated or organized under the laws of this State. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: means a domestic insurer as defined in § 38-1-20(17). See South Carolina Code 38-44-20
- Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. 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
(2) "Insurer" means a domestic insurer as defined in § 38-1-20(17).
(3)(a) "Managing general agent", MGA, means a person who:
(i) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; and
(ii) acts as an agent for the insurer whether known as a MGA, a manager, or another similar term, who with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in one quarter or year with one or both of the following activities related to the business produced:
a. adjusts or pays claims in excess of five thousand dollars;
b. negotiates ceding reinsurance contracts on behalf of the insurer.
(b) Notwithstanding subitem (a), the following are not considered as MGAs for the purposes of this chapter:
(i) an employee of the insurer;
(ii) a United States manager of the United States branch of an alien insurer;
(iii) an underwriting manager which, pursuant to contract, manages all or part of the insurance operations of the insurer, is under common control with the insurer, and is subject to the Insurance Holding Company Regulatory Act and whose compensation is not based on the volume of premiums written;
(iv) the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney;
(4) "Underwrite" means the authority to accept or reject risk on behalf of the insurer.