(A) Every society annually shall file with the department by March first, in the form and detail the director or his designee prescribes, a statement showing the business standing and financial condition of the society on December thirty-first of the preceding year, except that upon timely written request by the chief managing agent or officer setting forth reasons why the statement cannot be filed within the time provided, the director or his designee may grant in writing an extension of filing time for not more than thirty days. This statement must conform substantially to the form of statement adopted by the National Association of Insurance Commissioners. Unless the director or his designee provides otherwise, the annual statement is to be prepared in accordance with the annual statement instructions and the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners.
(B) The director or his designee may require every society to file quarterly reports and additional information considered necessary to enable the director or his designee to carry out his duties under this chapter. The reports and information must be furnished in the time and manner prescribed by the director or his designee.
(C) On or before March first, as part of the annual statement, each society shall file with the director or his designee a valuation of its certificates in force on December thirty-first of the previous calendar year. However, the director or his designee, in his discretion for cause shown, may extend the time for filing the valuation for not more than two calendar months. The valuation and underlying data must be certified by a qualified actuary or, at the expense of the society, verified by a qualified actuary of or retained by the Department of Insurance of the state of domicile of the society.
(D) A society neglecting to file the annual statement in the form and within the time provided by this section is subject to the penalties set forth in Section 38-2-10.
HISTORY: 2000 Act No. 259, Section 1.
Structure South Carolina Code of Laws
Chapter 38 - Fraternal Benefit Societies
Section 38-38-10. Fraternal benefit society defined.
Section 38-38-20. Lodge system operating requirements; lodges for children.
Section 38-38-30. Representative form of government requirements.
Section 38-38-40. Definitions.
Section 38-38-50. Operation for benefit of members; power to adopt bylaws and rules.
Section 38-38-110. Membership provisions in bylaws or rules.
Section 38-38-140. Waiver of bylaw provisions.
Section 38-38-210. Requirements for formation of domestic society.
Section 38-38-220. Amendment of bylaws; notice to director.
Section 38-38-230. Not-for-profit institutions for benefit of members.
Section 38-38-240. Reinsurance.
Section 38-38-250. Consolidation or merger of domestic societies.
Section 38-38-260. Reorganization into mutual life insurer.
Section 38-38-310. Contractual benefits allowed; persons covered.
Section 38-38-320. Designation and change of beneficiary; payment of death benefits.
Section 38-38-330. Attachment, garnishment or seizure of benefits.
Section 38-38-350. Application of laws of State.
Section 38-38-410. Authorized investments.
Section 38-38-420. Assets to be held for use and benefit of society; special funds and accounts.
Section 38-38-430. Governance by chapter.
Section 38-38-440. Designation as charitable and benevolent institution.
Section 38-38-510. Standards of valuation for certificates; maintenance of excess reserves.
Section 38-38-520. Required statements and reports; penalties.
Section 38-38-530. Renewal of licenses; fees; license as prima facie evidence.
Section 38-38-540. Examination; notice of examination.
Section 38-38-550. Authorization to transact business in State; what to file with director.
Section 38-38-580. Injunctions.
Section 38-38-590. Licensing of agents.
Section 38-38-600. Applicability of general insurance provisions; membership requirements exception.
Section 38-38-710. Appointment of director as legal attorney for service of process.
Section 38-38-720. False statement or misrepresentation with intent to defraud; penalties.
Section 38-38-730. Societies and associations exempted from provisions of chapter.