With respect to any policies where an administrator adjusts or settles claims, the compensation to the administrator with regard to these policies may in no way be contingent on claim experience. This section does not prevent the compensation of an administrator from being based on premiums or charges collected or number of claims paid or processed.
HISTORY: Former 1976 Code Section 38-51-110 [1947 (45) 322; 1950 (46) 2268; 1952 Code Section 37-236; 1962 Code Section 37-236; 1964 (53) 2290; 1967 (55) 704; 1969 (56) 633; 1985 Act No. 139, Section 6] recodified as Section 38-43-100 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-67-90 [1985 Act No. 133, Section 9] recodified as Section 38-51-110 by 1987 Act No. 155, Section 1.
Structure South Carolina Code of Laws
Chapter 51 - Administrators Of Insurance Benefit Plans
Section 38-51-10. Administrator defined.
Section 38-51-20. License required of administrator.
Section 38-51-30. Surety bond.
Section 38-51-40. Written agreement required.
Section 38-51-50. Payment of premiums.
Section 38-51-60. Books and records required.
Section 38-51-70. Advertising.
Section 38-51-80. Underwriting.
Section 38-51-90. Charges or premiums held in fiduciary capacity; withdrawal.