Reinsurance Intermediary Act

  1. Law
  2. South Carolina Code of Laws
  3. Insurance
  4. Reinsurance Intermediary Act

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Section
38-46-10

Short title.

Section
38-46-20

Definitions.

Section
38-46-30

Licensing requirement for intermediary-broker and intermediary-manager; bond; requisites for licensing; fee; refusal of license; designation of person to receive process; attorneys exempt.

Section
38-46-40

Written contract required between intermediary-broker and insurer it represents; minimum terms contract must provide.

Section
38-46-50

Records of contracts of reinsurance to be maintained for at least ten years; access by insurer.

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.

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.

Section
38-46-80

Acts prohibited of reinsurance intermediary-manager.

Section
38-46-90

Party engaged to act as intermediary-manager to be licensed; annual filing of financial statements; loss reserves; authority for retrocessional contracts or participation in reinsurance syndicates; notice of termination of contract with intermediary-manager; persons in certain positions not to serve on reinsurer's board.

Section
38-46-100

Reinsurance intermediary subject to examination; access to books, accounts and records.

Section
38-46-110

Violations; hearings; penalties; judicial review; rights of policy holders, claimants, creditors, and other third parties not affected.

Section
38-46-120

Department to promulgate regulations.