South Carolina Code 38-9-310. Definitions
(1) "Adjusted RBC Report" means a risk based capital report which has been adjusted by the director in accordance with § 38-9-320(F).
Terms Used In South Carolina Code 38-9-310
- Accident and health insurance: means insurance of human beings against death or personal injury by accident, and each insurance of human beings against sickness, ailment, and any type of physical disability resulting from accident or disease, and prepaid dental service, but not including coverages required by the Workers' Compensation Law of this State. See South Carolina Code 38-1-20
- Casualty insurance: means each insurance against legal liability of the insured for bodily injury to or death of another person, including workers' compensation insurance, and for damages to or loss or destruction of the property of another person; medical payments insurance when written in conjunction with insurance covering liability for the deaths or bodily injuries of another person; guaranteeing the fidelity of a person holding a position of public or private trust; loss of or damage to property caused by burglary, theft, larceny, robbery, fraud, or unlawful taking or secretion of property owned by or entrusted to the insured; loss of or damage to property of the insured resulting from the explosion of or damage to a fired or unfired boiler or other pressure vessel, engine, turbine, compressor, pump, wheel, or an apparatus generating, transmitting, or using electric power, and machinery or equipment connected with any of them; loss resulting from nonpayment of debts owed to merchants or another person extending credit. See South Carolina Code 38-1-20
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. 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
- Foreign insurer: means an insurer incorporated or organized under the laws of the United States or of any jurisdiction within the United States other than this State. 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) "Capital and surplus" or "capital" except when used in the term "risk-based capital" or "adjusted capital", means net worth of a health maintenance organization as defined in § 38-33-100 and, for all other licensees, means surplus to policyholders as defined in § 38-1-20.
(3) "Corrective order" means an order issued by the director specifying corrective actions which the director has determined are required.
(4) "Domestic health organization" means any health organization domiciled in this State.
(5) "Domestic insurer" means an insurer domiciled in this State.
(6) "Domestic licensee" means and includes a domestic insurer and a domestic health organization.
(7) "Foreign health organization" means any health organization not domiciled in this State which is licensed in this State.
(8) "Foreign insurer" means an insurer which is licensed to transact business within this State, but which is not domiciled in this State.
(9) "Foreign licensee" means and includes a foreign insurer and a foreign health organization.
(10) "Health organization" means an insurer which is required to use the NAIC’s Annual Statement Blank-Health pursuant to the NAIC Annual Statement Instructions-Health and to file it as prescribed by § 38-13-80 or a health maintenance organization, as defined in § 38-33-20, which is required to use the NAIC’s Annual Statement Blank-Health pursuant to the NAIC Annual Statement Instructions-Health and to file it as prescribed by § 38-33-90.
(11) "Licensee" means and includes a life and health insurer, a property and casualty insurer, and a health organization.
(12) "Life and health insurer" means an insurer licensed to transact life and health insurance in this State and any licensed property and casualty insurer writing only accident and health insurance.
(13) "NAIC" means the National Association of Insurance Commissioners.
(14) "Negative trend" means a negative trend over a period of time, as determined in accordance with the Trend Test Calculation included within the NAIC RBC Instructions.
(15) "Property and casualty insurer" means an insurer licensed to transact property and casualty insurance in this State. A "property and casualty insurer" does not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers.
(16) "RBC" means risk-based capital.
(17) "RBC Instructions" means the risk-based capital report including RBC Instructions adopted and amended by the NAIC.
(18) "RBC Level" means a licensee’s Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC:
(a) "Company Action Level RBC" means the product of 2.0 and its Authorized Control Level RBC;
(b) "Regulatory Action Level RBC" means the Product of 1.5 and its Authorized Control Level RBC;
(c) "Authorized Control Level RBC" means the number determined by the RBC formula in accordance with the RBC Instructions; and
(d) "Mandatory Control Level RBC" means the product of .70 and the Authorized Control Level RBC.
(19) "RBC Plan" means a comprehensive financial plan filed by a licensee containing the elements specified within § 38-9-330(B). If the director rejects the RBC Plan and it is revised by the licensee, with or without the director’s recommendation, then that plan must be called the "Revised RBC Plan".
(20) "RBC Report" means the report required by § 38-9-320.
(21) "Total Adjusted Capital" means the sum of a licensee’s statutory capital and surplus and any other items provided in the RBC Instructions.