South Carolina § 38-101-80 - Additional requirements for admitted insurers providing private flood insurance coverage.

§ 38-101-80. Additional requirements for admitted insurers providing private flood insurance coverage.

(A) In addition to any other applicable requirements pursuant to this title, any admitted insurer providing private flood insurance coverage that is considered standard flood insurance coverage in this State shall:

(1) notify the director or his designee at least thirty days before writing flood insurance in this State; and

(2) file a plan of operation and financial projections or revisions to such plan, as applicable, with the director or his designee.

(B) Admitted insurers writing private flood insurance shall comply with the requirements of Chapter 13 and are subject to examination in accordance with Chapter 13. Brokers placing flood insurance policies are subject to examination in accordance with Section 38-45-80.

(C) Subsection (A) does not impose new requirements on any insurer currently writing private flood insurance coverage at the time of enactment of this chapter.

(D) Admitted insurers exiting the private flood insurance market shall notify the director or his designee within forty-five days of the market exit.

HISTORY: 2020 Act No. 166 (S.882), SECTION 2, eff November 27, 2020.

Editor's Note

2020 Act No. 166, SECTION 3, provides as follows:

"SECTION 3. This act becomes effective sixty days following approval by the Governor. Insurers that are writing private flood insurance at the time of enactment have an additional one hundred twenty days to come into compliance with the requirements of this act."