S.C. Code Regs. 67-1503 - Proof of Compliance, Excess Insurance
A. Each self-insurer shall purchase specific
excess insurance in an amount determined by the Commission. The Commission may
also require a self-insurer to purchase aggregate excess insurance, in addition
to specific excess insurance, depending on the self-insurer's financial
condition, size, loss history, and exposure. The Self-Insurance Division will
notify the self-insurer of the amount and type of excess insurance
required.
B. Provide proof of
excess insurance by filing a copy of the excess insurance policy with the
Self-Insurance Division.
(1) The self-insurer
may file an acceptable certificate of insurance, as proof of excess insurance
coverage, in lieu of a policy, for the first forty-five days following approval
to self-insure or a change in excess insurance carriers.
(2) The applicant shall file a copy of the
excess insurance policy within the period in R.67-1502B.
C. The following provisions shall apply to
excess insurance.
(1) The excess insurance
shall be issued by a carrier licensed by the South Carolina Department of
Insurance.
(2) The policy shall
include as a named insured each subsidiary company in a parent company's
self-insurance program, if any.
(3)
The excess insurance policy shall include an endorsement that cancellation
shall not be effective until after sixty days written notice to the
Commission's Self-Insurance Division.
(4) Excess insurance shall be deemed
continuous.
(5) Excess insurance
may be cancelled only upon sixty days written notice to the Self-Insurance
Division.
Notes
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