South Carolina Code 38-51-50. Payment of premiums
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Terms Used In South Carolina Code 38-51-50
- 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 - insurance: includes annuities. 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
Whenever an insurer utilizes the services of an administrator under the terms of a written agreement as required in § 38-51-40, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured is considered to have been received by the insurer, and the payment of return premiums or claims by the insurer to the administrator is not considered payment to the insured or claimant until the payments are received by the insured or claimant. Nothing herein limits any right of the insurer against the administrator resulting from his failure to make payments to the insurer, insureds, or claimants.