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.


S.C. Code Regs. 67-1503
Amended by State Register Volume 30, Issue No. 5, eff May 26, 2006.

State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.

No prior version found.