Every insurer subject to registration shall file the registration statement with the director or his designee on a form and in a format prescribed by the director or his designee which must contain the following current information:
(1) capital structure, general financial condition, ownership, and management of the insurer and a person controlling the insurer;
(2) identity and relationship of every member of the insurance holding company system;
(3) the following agreements in force and transactions currently outstanding or which have occurred during the last calendar year between the insurer and its affiliates:
(a) loans, other investments, or purchases, sales, or exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates;
(b) purchases, sales, or exchanges of assets;
(c) transactions not in the ordinary course of business;
(d) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business;
(e) management agreements, service contracts, and cost-sharing arrangements;
(f) reinsurance agreements;
(g) dividends and other distributions to shareholders; and
(h) consolidated tax allocation agreements;
(4) pledge of the insurer's stock, including stock of a subsidiary or controlling affiliate, for a loan made to a member of the insurance holding company system;
(5) financial statements of or within an insurance holding company system, including all affiliates, if requested by the director or his designee including, but not limited to, annual audited financial statements filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, which may be satisfied by providing the director or his designee with the most recently filed parent corporation financial statements that have been filed with the Securities and Exchange Commission;
(6) other matters concerning transactions between registered insurers and affiliates included in registration forms adopted or approved by the director or his designee;
(7) statements that the insurer's board of directors is responsible for and oversees corporate governance and internal controls and that the insurer's officers or senior management have approved, implemented, and continue to maintain and monitor corporate governance and internal control procedures; and
(8) any other information required by the director or his designee by regulation.
HISTORY: Former 1976 Code Section 38-29-150 [1962 Code Section 37-1413; 1971 (57) 351; 1986 Act No. 426, Section 9] recodified as Section 38-21-140 by 1987 Act No. 155, Section 1; 1991 Act No. 13, Section 14; 1993 Act No. 181, Section 573; 2015 Act No. 2 (S.342), Section 10, eff March 9, 2015.
Effect of Amendment
2015 Act No. 2, Section 10, in the first paragraph, inserted the first instance of "with the director or his designee" and inserted "and in a format"; added (5), (7), and (8); redesignated former (5) as (6); and made nonsubstantive changes.
Structure South Carolina Code of Laws
Chapter 21 - Insurance Holding Company Regulatory Act
Section 38-21-10. Definitions.
Section 38-21-20. Authority of insurers to organize or acquire subsidiaries.
Section 38-21-30. Authority of insurers to invest in securities of subsidiaries.
Section 38-21-40. Investments in securities of subsidiaries are not subject to other restrictions.
Section 38-21-70. Contents of statement; amendment.
Section 38-21-90. Approval of Commissioner of acquisition of control; hearing.
Section 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120.
Section 38-21-110. Violations of Sections 38-21-60 to 38-21-120.
Section 38-21-120. Jurisdiction of courts; service of process.
Section 38-21-130. Registration of members of insurance holding company systems.
Section 38-21-140. Registration statement.
Section 38-21-150. Summary outlining changes since previous registration statement required.
Section 38-21-160. Information which need not be disclosed in registration statement.
Section 38-21-170. Dividends and distributions must be reported.
Section 38-21-180. Information from persons within insurance holding company.
Section 38-21-190. Termination of registration.
Section 38-21-210. Filing of registration statement on behalf of affiliated insurer.
Section 38-21-220. Disclaimer of affiliation.
Section 38-21-225. Annual enterprise risk report.
Section 38-21-230. Failure to timely file registration statement.
Section 38-21-240. Exemptions from registration statement provisions.
Section 38-21-250. Standards for transactions within insurance holding company system.
Section 38-21-260. Determining adequacy of insurer's surplus.
Section 38-21-270. Notice and approval of extraordinary dividends or distributions required.
Section 38-21-280. Examination; compulsory production of information.
Section 38-21-285. Participation in supervisory colleges.
Section 38-21-290. Confidential information.
Section 38-21-295. Group-wide supervisor for internationally active insurance groups.
Section 38-21-300. Regulations and orders of director.
Section 38-21-310. Enjoining violations of chapter, regulations, or orders.
Section 38-21-350. Director may take possession of property and conduct business of insurer.
Section 38-21-360. Authority of receiver to recover certain distributions and payments.
Section 38-21-370. Judicial review of action, order, or decision of director.