A plan shall establish loss reserves for all incurred losses, both reported and unreported, and for unearned premiums, in the same manner required for health insurers under Sections 38-9-170 and 38-9-190.
A plan also shall establish a surplus account equal to the greater of:
(a) three times the average paid monthly premium during the plan's most recent fund year;
(b) for plans which do not yet have one fund year's experience, three times estimated monthly premium; or
(c) one hundred thousand dollars.
HISTORY: Former 1976 Code Section 38-65-50 [1985 Act No. 137, Section 5] recodified as Section 38-41-70 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 654.
Structure South Carolina Code of Laws
Chapter 41 - Multiple Employer Self-insured Health Plan
Section 38-41-10. Multiple employer self-insured health plan defined.
Section 38-41-20. License required; transaction of business; exemptions.
Section 38-41-25. Agent, broker or administrator must give notice of transacting business.
Section 38-41-30. License application; fee.
Section 38-41-35. Hold harmless agreements.
Section 38-41-40. Filing of bylaws, schedules of benefits, and agreements.
Section 38-41-45. Definitions; denial of continued access to coverage.
Section 38-41-50. Excess stop-loss coverage required.
Section 38-41-60. Funds must be held in trust.
Section 38-41-70. Loss reserve; surplus account.
Section 38-41-80. Records; inspection and examination.
Section 38-41-90. Dissolution of plan.
Section 38-41-100. Regulations.
Section 38-41-110. Revocation or suspension of license; commencement of delinquency proceedings.