(A) A licensee has the right to a confidential hearing, on a record before the director, at which the licensee may challenge a determination or action by the director, upon notification to a licensee by the director:
(1) of an Adjusted RBC Report;
(2) that the licensee's RBC Plan or Revised RBC Plan is unsatisfactory, and that this notification constitutes a Regulatory Action Level Event with respect to the licensee;
(3) that the licensee has failed to adhere to its RBC Plan or Revised RBC Plan and that this failure has a substantial adverse effect on the ability of the licensee to eliminate the Company Action Level Event with respect to the licensee in accordance with its RBC Plan or Revised RBC Plan; or
(4) of a corrective order with respect to the licensee.
(B) The licensee shall notify the director of its request for a hearing within five days after the notification by the director pursuant to subsection (A). Upon receipt of the licensee's request for a hearing, the director shall set a date for the hearing, which must be no less than ten days nor more than thirty days after the date of the licensee's request.
HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 8, eff January 1, 2015.
Effect of Amendment
2014 Act No. 164, Section 8, rewrote the section.
Structure South Carolina Code of Laws
Chapter 9 - Capital, Surplus, Reserves, And Other Financial Matters
Section 38-9-10. Capital and surplus required of stock insurers; delinquency.
Section 38-9-20. Surplus required of mutual insurers; delinquency.
Section 38-9-40. Director to notify insurers of amounts required; annual schedule.
Section 38-9-50. Restrictions on kinds of insurance that insurers may write.
Section 38-9-60. No limitation on certain license provisions.
Section 38-9-70. Insurers may make deposits to do business in other states.
Section 38-9-90. Securities or bonds must be held as security for claims.
Section 38-9-100. Deposit of securities not necessary when made with other states.
Section 38-9-110. Voluntary deposits for compliance with laws of other states.
Section 38-9-120. Exchange of deposited securities.
Section 38-9-130. Interest on deposited securities.
Section 38-9-140. Principal of deposited securities.
Section 38-9-150. Return of deposited securities.
Section 38-9-160. Enforcement of trust created by deposit.
Section 38-9-170. Unearned premium reserve.
Section 38-9-180. Standard Valuation Law.
Section 38-9-190. Loss and claim reserves.
Section 38-9-200. Reinsurance credits; liability reductions.
Section 38-9-210. Reduction from liability for reinsurance; security.
Section 38-9-220. "Qualified United States financial institution" defined.
Section 38-9-230. Confidentiality.
Section 38-9-310. Definitions.
Section 38-9-320. Preparation and submission of RBC (risk based capital) Report; form and content.
Section 38-9-340. Regulatory Action Level Event defined; duties of director; corrective action.
Section 38-9-370. Confidential hearing; notification; time of hearing.
Section 38-9-380. Confidentiality of reports, plans, and orders.
Section 38-9-400. Limitations on use of RBC (risk based capital) Instructions, Reports, and Plans.
Section 38-9-410. Other powers or duties of director or designee.
Section 38-9-420. Regulatory power of director.
Section 38-9-430. Exemptions from application of article.
Section 38-9-440. Applicability of RBC (risk based capital) requirements to foreign insurers.
Section 38-9-450. Limitation of liability.
Section 38-9-460. Notification by director which may result in regulatory action.