Section 38-46-60. Party engaged as intermediary-broker to be licensed; regulation of contacts between insurer and intermediary-broker with which it transacts business; annual filing of financial statements.

SC Code § 38-46-60 (2019) (N/A)

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(A) An insurer may not engage the services of a person, a firm, an association, or a corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by Section 38-46-30.

(B) An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which it transacts business unless the reinsurance intermediary-broker is under common control with the insurer and subject to the Insurance Holding Company Regulatory Act.

(C) The insurer annually shall file with the department not later than June first a copy of the statements of the financial condition of each reinsurance intermediary-broker which the insurer has engaged. The statements must be prepared by an independent certified accountant in a form acceptable to the director or his designee.

HISTORY: 1992 Act No. 332, Section 1; 1993 Act No. 181, Section 675; 2019 Act No. 6 (S.360), Section 7.A, eff July 1, 2019.

Effect of Amendment

2019 Act No. 6, Section 7.A, in (C), in the first sentence, substituted "not later than June" for "not later than March".

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Section 38-46-50. Records of contracts of reinsurance to be maintained for at least ten years; access by insurer.

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Section 38-46-70. Transactions between reinsurance intermediary-manager and reinsurer it represents regulated; written contract required; approval by reinsurer's directors and by director; terms contract must include.