South Carolina Life and Accident and Health Insurance Guaranty Association
PO Box 8625
Columbia, SC 29202
(p) 803.603.6920 (f) 877.272.9022
Association Web site: http://www.sclifega.org
State Insurance Department: http://www.state.sc.us/doi/
[ Current as of January 01, 2020 ] ]
§38-29.40(1). Direct life insurance policies, accident and health insurance policies, annuity contracts, and contracts supplemental thereto issued by persons authorized to transact insurance in the state at any time.
§38-29.40(2). (a) Portion of a policy or contract under which the risk is borne by the policyholder, (b) any policy or contract assumed by the impaired insurer under a contract of reinsurance, unless assumption certificates have been issued, (c) any policy or contract issued by an excluded organization, and (d) A policy or contract or part of it to the extent that the assessments required by Section 38-29-80 with respect to the policy or contract are preempted by federal or state law. Amended effective 6.19.2008.
§38-29.70(6). Yes. The Association has no liability under the act for covered policies of a domestic insurer for residents of another state unless the other state has a guaranty association that provides protection to South Carolina residents that is substantially similar to that provided by the association for residents of other states.
§38-29.70(10). No liability with respect to any portion of a covered policy to the extent that the benefits to any one person exceed an aggregate of $300,000.
§38-29.70(1). When a domestic insurer is impaired.
§38-29.70(3). When a domestic insurer is impaired under an order of liquidation or rehabilitation.
§38-29.70(2). When a foreign or alien insurer is impaired under an order of liquidation, rehabilitation or conservation.
§38-29.20(5). An insurer which becomes insolvent and is placed under a final order of liquidation, rehabilitation, or conservation by a court of competent jurisdiction, or an insurer considered by the director to be unable or potentially unable to fulfill its contractual obligations.
Not defined by Act.
§ 38-29-20(6) "Member insurer" means any person authorized to transact in this State any kind of insurance to which this chapter applies under Section 38-29-40.
§38-29.50(1). Three accounts: accident and health insurance; life insurance; and annuity.
§38-29.80(4). Four percent (4%) of premiums in state for policies covered by the account.
§38-29.80(2). Three classes of assessments: Class A for administrative costs, general expenses and examinations; Class B to carry out the powers and duties of the association with regard to an insolvent domestic insurer; and Class C to carry out the powers and duties of the association with regard to an insolvent foreign or alien insurer.
Interest Rate Adjustments
§38-29.160. Yes. Member insurers may offset up to 20% of amount for 5 years, beginning with the year after a certificate of contribution is issued.
Definition of Premium
§ 38-29-20 (7) “Premiums” means direct gross insurance premiums and annuity considerations collected or written on covered policies, less return premiums and considerations thereon and dividends paid or credited to policyholders on the direct business. “Premiums” does not include premiums and considerations on contracts between insurers and reinsurers. As used in Section 38-29-80, “premiums” means those for the calendar year preceding the determination of impairment.
§ 38-29-130. “… unfair trade practice…” (5) It is a prohibited unfair trade practice for any person to make use in any manner of the protection afforded by this chapter in the sale of insurance.