South Carolina Code 38-73-1110. Regulation of calculation and refunding of excess profit
Current as of: 2023 | Check for updates
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In order to assure fair implementation of § 38-73-1100, the department shall promulgate a regulation concerning the calculation and refunding of excess profits. The regulation shall include consideration of:
(1) the total operating profits of each insurer in this State for the lines of insurance enumerated in § 38-73-1100;
Terms Used In South Carolina Code 38-73-1110
- 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
- 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
(2) the margin by which any insurer’s operating results differ from the insurance industry’s total results;
(3) the amount of excessive profits earned after the effective date of the refund provision of § 38-73-1100;
(4) the insurers that operate in this State as affiliates of a group; and
(5) the development period used to determine if unpaid losses are fairly estimated.