South Carolina Code 38-78-90. Insurers deemed to have received premiums upon payment of provider fees by consumer; insurer’s right to seek indemnification
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(A) Insurers issuing reimbursement insurance to providers are deemed to have received the premiums for such insurance upon the payment of provider fees by consumers for service contracts issued by such insured providers.
(B) This chapter does not prevent or limit the right of an insurer which issued a reimbursement insurance policy to seek indemnification or subrogation against a provider if the issuer pays, or is obligated to pay, the service contract holder sums that the provider was obligated to pay pursuant to the provisions of the service contract or under a contractual agreement.
Terms Used In South Carolina Code 38-78-90
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Provider: means a person who is contractually obligated to the service contract holder under the terms of the service contract. See South Carolina Code 38-78-20
- Service contract: includes a contract or agreement for a separately stated consideration for a specific duration to perform one or more of the following services:
(a) the repair or replacement of tires and wheels on a motor vehicle damaged as a result of coming into contact with road hazards;
(b) the removal of dents, dings, or creases on a motor vehicle that can be repaired using the process of paintless dent removal without affecting the existing paint finish and without sanding, bonding, painting, or replacing a vehicle body panel;
(c) the replacement of a motor vehicle key or key fob in the event that the key or key fob becomes inoperable, lost, or stolen; and
(d) other services consistent with the provisions of this chapter approved by the director. See South Carolina Code 38-78-20