(A) A foreign licensee, upon written request by the director, must submit an RBC Report as of the end of the preceding calendar year not later than the date that an RBC Report would be required to be filed by a domestic licensee under this article or fifteen days after that request is received by the foreign licensee. In addition, a foreign licensee, upon written request by the director, must promptly submit a copy of an RBC document that has been filed with the chief insurance regulatory officer of another state.
(B) In the event of a Company Action Level Event, Regulatory Action Level Event, or Authorized Control Level Event by a foreign licensee as determined under the RBC Laws in its state of domicile or, if no RBC Laws are in force in that state, as determined under the provisions of this article, if the chief insurance regulatory officer of the state of domicile of that foreign licensee fails to require the foreign licensee to file an RBC Plan in the manner specified under that state's RBC Laws or, if no RBC statute is in force in that state, under Section 38-9-330, then the director may require the foreign licensee to file an RBC Plan. The failure of the foreign licensee to file an RBC Plan with the director is grounds for the director to order the foreign licensee to cease and desist from writing new insurance business in this State.
(C) In the event of a Mandatory Control Level Event by a foreign licensee, if no domiciliary receiver has been appointed for the foreign licensee under the rehabilitation and liquidation laws of its state of domicile, then the director may petition the circuit court pursuant to Section 38-27-910, et seq., for the liquidation of its property in this State. The occurrence of the Mandatory Control Level Event must be considered grounds for the petition.
HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 13, eff January 1, 2015.
Effect of Amendment
2014 Act No. 164, Section 13, substituted "licensee" for "insurer" throughout, and made other nonsubstantive changes.
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.