South Carolina Code 38-51-110. Compensation to administrator
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-51-110
- administrator: means any person who collects charges or premiums from, or who adjusts or settles claims on, residents of this State in connection with life or health insurance coverage or annuities other than:
(1) an employer on behalf of its employees or the employees of one or more subsidiaries or affiliated corporations of an employer;
(2) a union on behalf of its members;
(3) an insurer which is either licensed in this State or acting as an insurer with respect to a policy lawfully issued and delivered by it pursuant to the laws of a state in which the insurer was authorized to do insurance business, or a health maintenance organization licensed in this State;
(4) a life or health agent or broker licensed in this State whose activities are limited exclusively to the sale of insurance;
(5) a creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors;
(6) a trust, its trustees, agents, and employees acting thereunder, established in conformity with 29 U. See South Carolina Code 38-51-10
With respect to any policies where an administrator adjusts or settles claims, the compensation to the administrator with regard to these policies may in no way be contingent on claim experience. This section does not prevent the compensation of an administrator from being based on premiums or charges collected or number of claims paid or processed.