An Act to Amend Section 38-9-200, Code of Laws of South Carolina, 1976, Relating to Reinsurance Credits, So As to Authorize the Director of the Department of Insurance to Adopt Additional Requirements for Reinsurance Credits, to Require A Reinsurer to Demonstrate It Has Adequate Financial Capacity to Meet Its Reinsurance Obligations to Qualify for A Credit, to Allow for the Reduction of A Trusteed

The source did not record a date for this entry.

Jurisdiction code

SC

Identifier

H 4656

Number

4656

Title

AN ACT TO AMEND SECTION 38-9-200, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REINSURANCE CREDITS, SO AS TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO ADOPT ADDITIONAL REQUIREMENTS FOR REINSURANCE CREDITS, TO REQUIRE A REINSURER TO DEMONSTRATE IT HAS ADEQUATE FINANCIAL CAPACITY TO MEET ITS REINSURANCE OBLIGATIONS TO QUALIFY FOR A CREDIT, TO ALLOW FOR THE REDUCTION OF A TRUSTEED SURPLUS FOR AN ASSUMING INSURER WHO HAS PERMANENTLY DISCONTINUED UNDERWRITING NEW BUSINESS, TO ALLOW FOR CREDIT WHEN REINSURANCE IS CEDED AND ENUMERATE CERTAIN ELIGIBILITY REQUIREMENTS, TO ALLOW FOR AN ASSUMING INSURER WHO IS NOT LICENSED, CERTIFIED, OR ACCREDITED IN THIS STATE TO BECOME ELIGIBLE FOR A CREDIT UNDER CERTAIN CIRCUMSTANCES, TO ALLOW THE DIRECTOR TO SUSPEND OR REVOKE THE ACCREDITATION OR CERTIFICATION, TO REQUIRE AN INSURER TO MANAGE ITS REINSURANCE RECOVERABLES PROPORTIONATE TO ITS BOOK OF BUSINESS, AND TO AUTHORIZE THE DIRECTOR TO ADOPT RULES AND REGULATIONS; AND TO AMEND SECTION 38-9-210, RELATING TO LIABILITY REDUCTIONS FOR REINSURANCE, SO AS TO AUTHORIZE THE DIRECTOR TO ADOPT ADDITIONAL REQUIREMENTS FOR AN ASSET OR REDUCTION FROM LIABILITY FOR REINSURANCE CEDED BY A DOMESTIC INSURER AND TO EXPAND THE ACCEPTABLE FORM OF SECURITY FOR A LIABILITY REDUCTION. - ratified title

Is law candidate

true

Current stage

enacted

Latest action at

2018-05-14T00:00:00+00:00

Official url

https://openstates.org/

Source updated at

2020-04-29T01:04:31.637475+00:00

First seen at

2026-09-02T01:24:59.975654+00:00

Last seen at

2026-10-05T09:01:12.958048+00:00

Metadata

{}

Government level

state

The same connections as a table, with the reason each one is here.