(A) An approved self-insurance fund may provide temporary coverage for an applicant if he:
(1) submits to the self-insurance division the required completed and signed forms, including, but not limited to, an application form with the same fee required for permanent membership in a self-insurance fund;
(2) qualifies for membership in the fund;
(3) qualifies under the by-laws of the fund;
(4) operates a business similar in nature to the businesses in the fund;
(5) is financially sound and meets or exceeds the minimum net worth requirements established for permanent membership in a self-insurance fund;
(6) notifies the division in writing on or before the coverage date.
(B) Upon receipt and review of the documents described in subsection (A), the division shall notify the fund within two business days whether temporary membership is granted. If the division does not notify the fund of its decision within two business days, temporary membership is deemed granted.
(C) Temporary coverage expires when the full commission approves the applicant or thirty days after the full commission rejects the applicant. The effective date on the certificate for self-insurance must show the original, temporary, coverage date.
HISTORY: 1992 Act No. 460, Section 1, eff June 15, 1992.
Structure South Carolina Code of Laws
Title 42 - Workers' Compensation
Chapter 5 - Insurance And Self-insurance
Section 42-5-10. Employer shall secure payment of compensation; extent of liability.
Section 42-5-20. Insurance or proof of financial ability to pay required; self-insurer prohibited.
Section 42-5-30. Employer shall file evidence of compliance with Title.
Section 42-5-40. Penalty for failure to secure payment of compensation.
Section 42-5-45. Penalty for failure of employer to secure payment of compensation.
Section 42-5-50. Certificate of compliance.
Section 42-5-60. Insurance deemed subject to title; approval of forms.
Section 42-5-70. Clauses required in insurance contracts.
Section 42-5-80. Liability of insurer.
Section 42-5-130. Procedure upon withdrawal of carrier from State.
Section 42-5-190. Tax on self-insurers.
Section 42-5-210. Insurance carrier subrogated to rights of employer.
Section 42-5-220. Compromises by carrier must be approved.
Section 42-5-230. Manner in which notice to insurance carrier given.
Section 42-5-250. Title not applicable to insurance for single catastrophe hazards.